Best Value Audit

AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

Question

b) Modern approach to Internal Auditing has broadened the scope of the function of the Internal Audit. The focus has shifted from pure financial audit to cover other important areas of operation. These include performance audit, Value for Money audit, and performance information audit.

Required:
Write short notes on the following:
i) Value for money audit. (5 marks)
ii) Best value audit. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Best Value Audit, Performance Audits, Public Sector, Value for Money Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit, Public Sector Auditing
Series: JULY 2023

AA – May 2021 – L2 – Q1a – Types of Audit and Assurance Engagements

Explain the differences between value for money audit and best value audit.

Question

An Internal Auditor is part of the management Internal Control System. However, it is possible to list the other work that internal auditors might do under the following broad heading:
• Value for money audit
• Best value Audit
Required:
Explain the differences between Value for money audit and Best value audit.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Types, Best Value Audit, Continuous improvement, Performance Audit, Value for Money Audit
Level: Level 2

Topic: Types of Audit and Assurance Engagements
Series: MAY 2021

AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

Question

Required:
Write short notes on the following:
i) Value for money audit. (5 marks)
ii) Best value audit. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Best Value Audit, Performance Audits, Public Sector, Value for Money Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit, Public Sector Auditing
Series: JULY 2023

AA – May 2021 – L2 – Q1a – Types of Audit and Assurance Engagements

Explain the differences between value for money audit and best value audit.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Types, Best Value Audit, Continuous improvement, Performance Audit, Value for Money Audit
Level: Level 2

Topic: Types of Audit and Assurance Engagements
Series: MAY 2021

Question Tag: Best Value Audit

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AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

AA – May 2021 – L2 – Q1a – Types of Audit and Assurance Engagements

Explain the differences between value for money audit and best value audit.

AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

AA – May 2021 – L2 – Q1a – Types of Audit and Assurance Engagements

Explain the differences between value for money audit and best value audit.

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