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NATIONAL AUDIT OFFICE has floated a tender for Audit Substantive Testing Data Automation Tool. The project location is United Kingdom and the tender is closing on 28 Aug 2024. The tender notice number is BIP874344657, while the TOT Ref Number is 104790938. Bidders can have further information about the Tender and can request the complete Tender document by Registering on the site.
Procurement Summary
Country : United Kingdom
Summary : Audit Substantive Testing Data Automation Tool
Deadline : 28 Aug 2024
Other Information
Notice Type : Tender
TOT Ref.No.: 104790938
Document Ref. No. : BIP874344657
Competition : ICB
Financier : Self Financed
Purchaser Ownership : Public
Tender Value : GBP 690000
Purchaser's Detail
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Login to see detailsTender Details
The National Audit Office (NAO) requires an off the shelf software solution to assist with automating our audit testing and documentation process, covering two use-cases within financial audit:
1.Substantive testing - Test of detail/Test of control automation
Auditors spend a significant amount of time and manual effort conducting tests of detail (ToD) and tests of controls, comparing documents (such as invoices) to samples from the general ledger or other structured records for consistency. We are interested in document automation software to parse images/pdfs of audit evidence and automatically match to tabular data and output this in a manner which is easy to follow and document for the purposes of our audit testing within an excel document.
2.Financial Statement procedures
Auditors are required to check the financial statements. Ensuring that (for example) the sums within the statements are internally consistent/correct. Similar to the use case above we are looking for document automation software that can automate some of this by extracting 'sums' from the document and automatically reconciling them, as well as some other processes detailed in the procurement documents.
The software needs to be ready for use by 1 October 2024. The estimated total value in this notice excludes VAT and is for the duration of the maximum contract term (1+1+1).
Location Of Contract : Any region
Industry : Financial auditing services - 79212100
Value Of Contract : £690, 000
Published Date : 25 July 2024
Closing Date : 28 August 2024
Documents
Procurement Documents for United Kingdom
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