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Value for money audit could target VAT

June 21, 2010 Leave a comment

“Economy, efficiency and effectiveness – those are the three E’s of auditing. While Financial Audits focus on the first two, Value for Money Audits however tend to focus on the ‘effectiveness’ in an agency,” said Auditor General, Deodat Sharma, commenting on the Auditor General’s Office move towards more Value for Money (VFM) Audits.

He said that the move is in accordance with mandates of the revised Audit Act of 2004 which calls for both Financial and Compliance Audits as well as Performance and VFM Audits. A pilot Value for Money Audit was executed by the Audit Office last year on the Palms Senior Citizen’s Home for which a report was subsequently released.
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