Explain Briefly the Purpose of a Value-For-Money (VFM)audit

question 24

Essay

Explain briefly the purpose of a value-for-money (VFM)audit.

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Definitions:

Collude

To come together in secret agreement, especially for a deceitful or illegal purpose.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.

Annual Fixed Cost

Regular, unchanging expenses incurred by a business, regardless of its level of production or sales volume within a year.

Profit-Maximizing

A method or strategy executed by a company aiming to achieve the highest possible profit given the constraints it faces.