Individual VFM studies may be commissioned by the VFM Working Group to assess whether the objectives of a particular programme, project or activity could be carried out in a more economic, efficient or effective manner. Priority will be given to areas of significant expenditure which cut across the responsibilities of divisions and departments.
VFM studies will normally be conducted by the University's internal auditors. Internal Audit will therefore commit a certain number of days a year to VFM studies as part of its strategic audit plan, as agreed by the Audit Committee. These studies may be carried out by Internal Audit working on its own or in conjunction with Faculties and Schools. Internal Audit may also make use of external expertise where appropriate.
Conducting a VFM study does not, in itself, demonstrate VFM: this will be dependent on the results of the study and on any action taken in response to its findings. A VFM study will normally result in an action plan, agreed with the management of the area being reviewed, including recommendations on how greater VFM could be achieved, an assessment of the risks involved in not taking action, a date by which agreed actions are to be implemented, and the name of the officer responsible for implementation.