Value For Money Audit

Value for money audit refers to audit activities that perform in assessing and evaluating three main difference factors: Economy, Efficiency, and Effectiveness. Economy, auditor assess and evaluate whether the resources that entity purchases are at the low cost with acceptable quality where efficiency audit, auditor check whether resources that entity use have better conversion ratio. Effectiveness, by the way, looks at the big picture of the objective whether the entity using the resources meets its objective or not.