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Operational Audits

Operational audits (also known as performance of value for money audits) deal with broad performance issues, focusing on whether public funds and resources have been economically, efficiently and effectively managed. In particular, operational audits examine and report on matters related to any or all of the following:

• The adequacy of management systems, controls and practices, including those intended to control and safeguard assets, to ensure due regard to economy, efficiency and effectiveness;
• The extent to which resources have been managed with due regard to economy and efficiency; and
• The extent to which programs, operations or activities of an entity have been effective.

Operational auditing fulfills the demand for performance and accountability information that is not being provided by information on financial performance and on compliance with authorities. Operational auditing is based on two principles:

1. Public business should be conducted in a way that makes the best possible use of public funds, and
2. People who conduct public business should be accountable for the prudent and effective management of the resources entrusted to them.