Thesis Abstract

Abstract
Value for Money (VFM) audit is a crucial component in assessing the effectiveness and efficiency of public sector organizations. This research aims to conduct a critical analysis of VFM audit in the context of a specific organization in the public sector. The study focuses on evaluating the extent to which VFM audit practices are being implemented and the impact they have on the organization's performance and accountability. The research methodology involves a combination of qualitative and quantitative approaches. Data will be collected through interviews with key stakeholders, review of organizational documents, and analysis of financial reports. The qualitative data will provide insights into the perceptions and experiences of employees and managers regarding VFM audit, while the quantitative data will help in measuring the actual outcomes and benefits of VFM audit implementation. The analysis will be guided by theoretical frameworks on audit practices, public sector management, and organizational performance. By critically examining the VFM audit process, this research seeks to identify strengths, weaknesses, opportunities, and threats that may affect its effectiveness in the organization. The findings will contribute to the existing body of knowledge on VFM audit and provide practical recommendations for enhancing its impact on public sector organizations. The significance of this research lies in its potential to inform policy decisions and improve accountability and transparency in the public sector. By understanding the challenges and opportunities associated with VFM audit, organizations can better allocate resources, improve service delivery, and strengthen governance structures. Ultimately, this research aims to promote good governance practices and ensure that public funds are used efficiently and effectively for the benefit of society. Overall, this research will provide valuable insights into the implementation and impact of VFM audit in a specific public sector organization. By critically analyzing the current practices and outcomes of VFM audit, this study will contribute to enhancing the performance and accountability of the organization. The findings will have implications for policymakers, auditors, managers, and other stakeholders involved in public sector governance and financial management.

Thesis Overview

INTRODUCTION1.1 BACKGROUND OF THE STUDYAuditing has existed as long as man has been required to account for their transactions. A famous example is in St. Mathew’s Gospel (Chapter 25) when the rich man went on a journey and delivered his goods to a servant to look after them while he was away. On his return, he asked each of these servants to account for the goods with which he had been entrusted.In the ancient ages, great land owners would not manage their own land, but would appoint stewards to manage their own land for them. The account of these land owners were checked by having them called out by those who gave them to those in authority (land owners) for hearing otherwise called stewardship accounting.Auditing can be defined as the process of an independent examination of vouchers, internal control system and financial statements of an organization by a person or a group of persons called auditors so that the auditors can form and express opinion whether the vouchers, internal control system and financial statement, give a true and fair view of the organization.