Question Tag: Value for Money

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ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Value for Money (VFM)
Value for Money (VFM) is an objective that can be applied to any organization whose main objective is non-financial but has restrictions on the amount of finance available for spending, which the public sector is no exception.

Required:
Explain the components of VFM.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

AAA – May 2017 – L3 – Q4b – Assurance Engagements

Explain "value for money" and the 3Es of achieving it in assurance engagements.

Question

Alhaji Chukwudi is the Chairman and majority shareholder of Talking Drums Limited, a telecommunications company operating in Nigeria. The company had experienced considerable growth in the past. However, over the last three years, there has been noticeable increase in cost of operations which is slowing down the growth of the company. Management had explained that the increasing cost is a result of expansion of coverage area which management believes will lead to further expansion and growth of the company in the nearest future. Alhaji Chukwudi wants to get a certain level of assurance that there is value for the increased expansion costs the company was incurring. As a result, the Board of Directors resolved to engage a practitioner for a „value for money‟ evaluation of the coverage expansion costs.

Required:

i. Explain „value for money‟. (2 Marks)

ii. Explain the 3Es of achieving value for money. (6 Marks)

Answer

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Tags: and Economy, Audit of Efficiency, Effectiveness, Value for Money
Level: Level 3

Topic: Assurance Engagements

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

Question

In relation to public sector audit:

a. Define ‘Value-for-Money’ (VFM) audit. (2½ Marks)

b. Identify and explain THREE major components of ‘Value-for-Money’ audit. (6 Marks)

c. Explain FIVE steps towards a successful ‘Value-for-Money’ audit. (2½ Marks)

d. Identify FIVE factors which contribute to an effective ‘Value-for-Money’ audit. (5 Marks)

e. Explain the precise roles of the internal audit unit in relation to ‘Value-for-Money’ audit of a Government Business Entity (GBE). (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Economy, Effectiveness, Efficiency, Value for Money
Level: Level 2

Topic: Public sector audit

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

Question

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Effectiveness, Not-for-profit, Value for Money
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

AA – May 2016 – L2 – Q5b – Public Sector Auditing

This question identifies operational strengths in Okunka hospital and suggests ways to improve value for money.

Question

(b) Okunka hospital is located in a country where healthcare is free, as the taxpayers fund state-owned hospitals. Two years ago, management reviewed all aspects of the hospital’s operations and instigated several measures aimed at improving overall ‘value for money’ for the local community. Management has asked you, an audit manager in the hospital’s internal audit department, to perform a review over the measures which have been implemented.

Required:

(i) Identify and explain FOUR strengths within Okunka’s operating environment. (6 marks)

(ii) For each strength identified, describe how Okunka might make further improvements to provide best value for money. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Hospital Operations, Internal Controls, Operational Efficiency, Procurement, Staffing, Value for Money
Level: Level 2

Topic: Public Sector Auditing
Series: MAY 2016

AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship

This question discusses the benefits of establishing an internal audit department for a company.

Question

(b) Discuss the benefits of Tark Co establishing an Internal Audit Department. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Assessment, Value for Money
Level: Level 2

Topic: Internal Audit and External Audit Relationship
Series: MAY 2016

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

Question

a) Generally, evaluating not-for-profit organisations’ performance is difficult but can be managed when ‘value for money’ criteria is used.
Required:
i) Explain FOUR (4) problems associated with performance measurement of not-for-profit organisations. (6 marks)
ii) Explain the THREE (3) main components of ‘value for money criteria’ and their usefulness to not-for-profit organisations. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Not-for-profit organizations, Performance Measurement, Value for Money
Level: Level 2

Topic: Introduction to management accounting, Performance analysis
Series: MAY 2021

PSAF – Nov 2019 – L2 – Q3a -Public procurement

Identify and explain four mechanisms to achieve value for money in public sector management.

Question

a) Value for Money (VFM) is derived from the optimal balance of benefits and costs on the basis of total cost of ownership. The nature of public financial management is such that it involves discretionary decision taking on behalf of government at all levels. Value for Money is therefore not a choice of goods or services which is based on the lowest bid price but a choice based on the whole life costs of the project or service.

Required:
Identify and explain FOUR (4) mechanisms that can be used to achieve “value for money” in public sector management. (8 marks)

Answer

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Tags: Procurement, Public Sector Management, Value for Money
Level: Level 2

Topic: Public Procurement
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

Question

Value for money (VFM) is derived from the optimal balance of benefits and costs on the basis of total cost of ownership. The nature of public financial management is such that it involves discretionary decision-taking on behalf of government at all levels. Value for money is therefore not a choice of goods or services which is based on the lowest bid price but a choice based on the whole life costs of the project or service.

Required: Identify FIVE mechanisms that can be used to achieve “value for money” in public sector management. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Efficiency, Public Financial Management, Value for Money
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2017

PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives

Explains key principles of Public-Private Partnership, including value for money, risk allocation, ability to pay, and competition.

Question

Explain the following principles of Public-Private Partnership:

i) Value for money
ii) Risk allocation
iii) Ability to pay
iv) Competition
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Affordability, Competition, PPP, Public-Private Partnership, Risk Allocation, Value for Money
Level: Level 2

Topic: Public sector financing initiatives
Series: MAR 2023

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Required:
Explain the components of VFM.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

AAA – May 2017 – L3 – Q4b – Assurance Engagements

Explain "value for money" and the 3Es of achieving it in assurance engagements.

Question

Required:

i. Explain „value for money‟. (2 Marks)

ii. Explain the 3Es of achieving value for money. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: and Economy, Audit of Efficiency, Effectiveness, Value for Money
Level: Level 3

Topic: Assurance Engagements

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

Question

In relation to public sector audit:

a. Define ‘Value-for-Money’ (VFM) audit. (2½ Marks)

b. Identify and explain THREE major components of ‘Value-for-Money’ audit. (6 Marks)

c. Explain FIVE steps towards a successful ‘Value-for-Money’ audit. (2½ Marks)

d. Identify FIVE factors which contribute to an effective ‘Value-for-Money’ audit. (5 Marks)

e. Explain the precise roles of the internal audit unit in relation to ‘Value-for-Money’ audit of a Government Business Entity (GBE). (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Economy, Effectiveness, Efficiency, Value for Money
Level: Level 2

Topic: Public sector audit

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

Question

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Effectiveness, Not-for-profit, Value for Money
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

AA – May 2016 – L2 – Q5b – Public Sector Auditing

This question identifies operational strengths in Okunka hospital and suggests ways to improve value for money.

Question

Required:

(i) Identify and explain FOUR strengths within Okunka’s operating environment. (6 marks)

(ii) For each strength identified, describe how Okunka might make further improvements to provide best value for money. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Hospital Operations, Internal Controls, Operational Efficiency, Procurement, Staffing, Value for Money
Level: Level 2

Topic: Public Sector Auditing
Series: MAY 2016

AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship

This question discusses the benefits of establishing an internal audit department for a company.

Question

(b) Discuss the benefits of Tark Co establishing an Internal Audit Department. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Assessment, Value for Money
Level: Level 2

Topic: Internal Audit and External Audit Relationship
Series: MAY 2016

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Not-for-profit organizations, Performance Measurement, Value for Money
Level: Level 2

Topic: Introduction to management accounting, Performance analysis
Series: MAY 2021

PSAF – Nov 2019 – L2 – Q3a -Public procurement

Identify and explain four mechanisms to achieve value for money in public sector management.

Question

Required:
Identify and explain FOUR (4) mechanisms that can be used to achieve “value for money” in public sector management. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Procurement, Public Sector Management, Value for Money
Level: Level 2

Topic: Public Procurement
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

Question

Required: Identify FIVE mechanisms that can be used to achieve “value for money” in public sector management. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Efficiency, Public Financial Management, Value for Money
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2017

PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives

Explains key principles of Public-Private Partnership, including value for money, risk allocation, ability to pay, and competition.

Question

Explain the following principles of Public-Private Partnership:

i) Value for money
ii) Risk allocation
iii) Ability to pay
iv) Competition
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Affordability, Competition, PPP, Public-Private Partnership, Risk Allocation, Value for Money
Level: Level 2

Topic: Public sector financing initiatives
Series: MAR 2023

Question Tag: Value for Money

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ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

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AAA – May 2017 – L3 – Q4b – Assurance Engagements

Explain "value for money" and the 3Es of achieving it in assurance engagements.

Required:

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PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

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BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

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AA – May 2016 – L2 – Q5b – Public Sector Auditing

This question identifies operational strengths in Okunka hospital and suggests ways to improve value for money.

You're reporting an error for "AA – May 2016 – L2 – Q5b – Public Sector Auditing"

AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship

This question discusses the benefits of establishing an internal audit department for a company.

You're reporting an error for "AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship"

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

You're reporting an error for "MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting"

PSAF – Nov 2019 – L2 – Q3a -Public procurement

Identify and explain four mechanisms to achieve value for money in public sector management.

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PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting"

PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives

Explains key principles of Public-Private Partnership, including value for money, risk allocation, ability to pay, and competition.

You're reporting an error for "PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives"

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)"

AAA – May 2017 – L3 – Q4b – Assurance Engagements

Explain "value for money" and the 3Es of achieving it in assurance engagements.

Required:

You're reporting an error for "AAA – May 2017 – L3 – Q4b – Assurance Engagements"

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

You're reporting an error for "PSAF – May 2018 – L2 – Q4 – Public Sector Audit"

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society"

AA – May 2016 – L2 – Q5b – Public Sector Auditing

This question identifies operational strengths in Okunka hospital and suggests ways to improve value for money.

You're reporting an error for "AA – May 2016 – L2 – Q5b – Public Sector Auditing"

AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship

This question discusses the benefits of establishing an internal audit department for a company.

You're reporting an error for "AA – May 2016 – L2 – Q2b – Internal Audit and External Audit Relationship"

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

You're reporting an error for "MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting"

PSAF – Nov 2019 – L2 – Q3a -Public procurement

Identify and explain four mechanisms to achieve value for money in public sector management.

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PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting"

PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives

Explains key principles of Public-Private Partnership, including value for money, risk allocation, ability to pay, and competition.

You're reporting an error for "PSAF – Mar 2023 – L2 – Q4b – Public sector financing initiatives"

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