Published date: 25 July 2024

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Closing: 28 August 2024, 11am

Contract summary

Industry

  • Financial auditing services - 79212100

Location of contract

Any region

Value of contract

£690,000

Procurement reference

BIP874344657

Published date

25 July 2024

Closing date

28 August 2024

Closing time

11am

Contract start date

1 October 2024

Contract end date

30 September 2027

Contract type

Service contract

Procedure type

Open procedure

Any interested supplier may submit a tender in response to an opportunity notice.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

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).

More information

Links

About the buyer

Address

157-197 Buckingham Palace Road
Victoria
SW1W 9SP
UK

Telephone

+442077987372

Email

NAO.Procurement@nao.org.uk