value for money audit

A value for money (VFM) audit assesses whether public resources are being used effectively and efficiently. It evaluates three key aspects: economy (cost of resources), efficiency (how well resources are used), and effectiveness (the extent to which goals are achieved). Essentially, it examines whether taxpayer money is spent wisely and whether the outcomes justify the expenditures. By identifying wasteful practices and recommending improvements, VFM audits help ensure that public services deliver the best possible results for the community within the available budget.