VfM audit and the UK public sector: A critical review of the VfM reports

Benamraoui, A., Chatzivgeri, E., Jory, S.R. and Ajay, R. 2022. VfM audit and the UK public sector: A critical review of the VfM reports. Financial Accountability & Management. 40 (2), pp. 127-153. https://doi.org/10.1111/faam.12338

TitleVfM audit and the UK public sector: A critical review of the VfM reports
TypeJournal article
AuthorsBenamraoui, A., Chatzivgeri, E., Jory, S.R. and Ajay, R.
Abstract

The study investigates why the value for money (VfM) audit, in its current form, fails to capture the actual state of affairs in the UK public organizations. To address this, we utilize a VfM assessment matrix and key public sector performance indicators to critically evaluate the VfM reports published by two main public bodies in the United Kingdom, that is, the National Health Services and the police authorities, alongside the reports published by the National Audit Office and Her Majesty's Inspectorate of Constabulary and Fire & Rescue Services. Our results reveal that the VfM reports do not clearly show how the 3Es (i.e., economy, efficiency, and effectiveness) associated with the VfM assessment are attained. There are also limited suggestions on the public bodies’ service output or social outcomes and how performance targets are fulfilled. We deduce that the VfM audit's failure to capture these elements significantly curtails the benefits of the VfM exercise to public bodies. We argue for complementing the current VfM assessment with a review of the performance of these bodies based on the services they offer as well as their strategic objectives.

KeywordsGeneral Economics, Econometrics and Finance
General Business, Management and Accounting
JournalFinancial Accountability & Management
Journal citation40 (2), pp. 127-153
ISSN0267-4424
1468-0408
Year2022
PublisherWiley
Publisher's version
License
CC BY-NC-ND 4.0
File Access Level
Open (open metadata and files)
Digital Object Identifier (DOI)https://doi.org/10.1111/faam.12338
Publication dates
Published online29 Jun 2022
PublishedMay 2024
Licensehttp://creativecommons.org/licenses/by-nc-nd/4.0/

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