Tender

Audit Substantive Testing Data Automation Tool

NATIONAL AUDIT OFFICE

This public procurement record has 1 release in its history.

Tender

25 Jul 2024 at 10:30

Tender Notice
Summary of the contracting process

The National Audit Office (NAO) is seeking an off-the-shelf software solution for automating audit testing and documentation processes, covering financial audit needs. This tender, titled "Audit Substantive Testing Data Automation Tool," falls under the "Financial auditing services" category (CPV code 79212100). The procurement process is at the Tender stage and follows an open procedure. Interested parties must submit their bids by the tender period end date on 28 August 2024, with the project scheduled to commence on 1 October 2024 and run until 30 September 2027. The software is required to be operational by the start date, and the overall contract is valued at £690,000, excluding VAT. The procurement covers a broad range of delivery locations, including the British Overseas Territories, Channel Islands, Europe, Isle of Man, and the United Kingdom.

This tender presents significant growth opportunities for technology firms specialising in document automation and financial auditing software. Businesses that can offer robust, reliable, and user-friendly automation solutions for substantive testing and financial statement procedures will find this contract particularly appealing. Small and medium-sized enterprises (SMEs) are explicitly encouraged to participate, though ventures and social enterprises were not highlighted in suitability preferences. Companies with expertise in automating detailed comparative tasks and ensuring the consistency of financial statements will be well-suited to meet the specific needs outlined by the National Audit Office.

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Notice Information

Notice Title

Audit Substantive Testing Data Automation Tool

Notice 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).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-becdb6e5-009e-4894-a71b-b78d4b9e47b9
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/699f9015-7fcd-461d-9d37-74ce9b068747
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79212100 - Financial auditing services

Notice Value(s)

Tender Value
£690,000 £500K-£1M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
25 Jul 20241 years ago
Submission Deadline
28 Aug 2024Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Sep 2024 - 30 Sep 2027 2-3 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NATIONAL AUDIT OFFICE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
VICTORIA
Postcode
SW1W 9SP
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
Westminster
Electoral Ward
Pimlico North
Westminster Constituency
Cities of London and Westminster

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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