Value for Money Audit: A Veritable Tool for Expenditure Management

Abstract

As a constitutional creation, it is the statutory responsibility of public sector organizations at federal, state and local government levels to embrace the concepts of value for money audit and integrate it in their organizations. However, determining how economical, efficient and the extent to which the related programmes are effective in meeting their objectives is still a subject of debate in most jurisdictions. Triangulating existing knowledge regarding the basic processes, while stating the ideas in practical and useable form, this paper examines the importance of value for money audit as a veritable tool for expenditure management and evaluates its crucial objectives and essential features. Using the desktop analytical approach, result shows that lack of value for money audit processes affects the smooth running and growth of an organization. The paper recommends for proper value for money audit in organisations and the independence of Internal Audit for the purposes of value for money audit functions.