Auditing for Donor Funded Projects ,Emphasis of Value for Money principals
Value for money audit is an independent examination of an audit to assess whether the use of funds or resources is at the economy, efficiency, and effectiveness. In general, this kind of audit engagement, auditors will assess the entity’s achievement on the economy, efficiency, and effectiveness
If the procurement policy and procedure are in place, then auditors still have to assess if there any loophole that in the acquisition policy and procedure that could prevent projects from acquiring the material from the available fund. For example, no proper suppliers selection process.
LEARNING OBJECTIVES
- Accounting principles and procedures within the planning of financial statements
- Preparation of Work Plan, budgets and cash flow management
- Analyze and interpret information as discovered in financial statements.
- Compliance with prerequisites, legal and administrative framework
- Identifying various elements of donor funding.
- Costing factors of Donor Funded Projects
- Monitor and evaluate donor-funded projects.