The VFM Cycle
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
Planning:
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
Clearance:
The Draft report is ‘cleared’ (facts confirmed) with the audited body
Publication:
The report is published and laid in the Northern Ireland Assembly
PAC
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