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Audit Commission - New value for money (VfM) profiles launched
The Commission has launched new value for money (VfM) profiles for PCTs, fire and rescue authorities, police authorities and councils. These are more user-friendly, have a clearer focus on VfM, track levels of spend to assess the impact of improvements, and compare spend and performance to other bodies.
The tools are a ‘can opener’ for highlighting areas where costs and or performance look out of line and can help local services identify where there may be potential for savings. They also contain useful background and context information to help you to understand VfM issues for each service area.
About Value for Money assessments
Assessing value for money is an important part of the Commission’s work. ‘To challenge public bodies to deliver better value for money’ is one of the Commission’s strategic objectives.
The Use of Resources assessment has a strong focus on value for money. A main key line of enquiry (KLOE) used in this assessment is 1.2. This KLOE asks ‘Does the organisation have a sound understanding of its costs and performance and achieve efficiencies in its activities?’ Auditors will use the VfM profiles as part of this assessment.
VfM is also a theme in the area assessment. Assessors may use the profiles to help review how well authorities in an area work together to deliver VfM. Assessors can use the sector based tools to get an overview of spend and performance across local public services. They can also drill down into a particular service area if they want more information about costs and performance.
If you have any queries please rise these through the feedback facility at the top of the screen when viewing the profiles.