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In 2021, the Office of the Auditor General of Ontario (OAGO) completed its first value-for-money audit of OMVIC. [3] OMVIC has acknowledged the areas identified for improvement in the Auditor General's report and remains committed to enhancing its performance.
The National Audit Office (NAO) is an independent Parliamentary body in the United Kingdom which is responsible for auditing central government departments, government agencies and non-departmental public bodies. The NAO also carries out value for money (VFM) audits into the administration of public policy.
Among the expenditure that was deemed to be within the rules but that may not have represented value for money, Audit Scotland cited £17,686 for business class flights, £2,669 spent on meals ...
It also examines the internal audit systems of public bodies and applies tests for value for money and effectiveness. The bodies to be audited by the Comptroller and Auditor General are laid down by law. The Comptroller and Auditor General may receive new audit mandates from time to time regarding specific state bodies.
An audit is an "independent examination of financial ... The purpose of an assessment is to measure something or calculate a value for it. ... missing money and ...
The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the ...
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Jacobs, K.1998. ‘Value for money auditing in New Zealand: competing for control in the public sector’, British Accounting Review 30: 343–360; Jones, C. 1987. ‘The Origins of the Victorian Parliamentary Public Accounts Committee’, MA, University of Melbourne.