Value For Money Cycle

The VFM Cycle


The Value for Money Cycle. General survey and marking, Study proposal, planning, evidence, analysis and documentation, report drafting, clearance, publication, PAC, and finally follow-up and monitoring.


General Survey and Marking:

The C&AG decides what areas to examine on the basis of general survey and marking carried out by audit teams

Study Proposal:

Audit teams draw up Study Proposals outlining in detail what is to be examined


Audit teams set up a plan for the study in terms of time, cost and quality

Evidence, analysis and documentation and Report Drafting:

Audit teams carry out work to gather audit evidence in order to prepare a Draft report


The Draft report is ‘cleared’ (facts confirmed) with the audited body


The report is published and laid in the Northern Ireland Assembly


Most reports will form the basis of a hearing of the Assembly Public Accounts Committee, which publishes its own Report

Follow-up and monitoring

The audited body responds to the PAC report and NIAO monitors progress in implementing NIAO and PAC Report recommendations

The stages from general survey and marking to report drafting are governed by NIAO Public Reporting Standards