SBRI: developing a data enabled public sector audit approach

Key features: Funding is available for technical feasibility studies. The NIAO plans to develop a data enabled public sector audit approach which makes use of analytics techniques and machine learning to improve the efficiency and effectiveness of audit by increasing coverage and adding value to clients.

Programme: The competition looks at improving 2 main areas: 1. Financial audit analytics. 2. Value for money analytics

Award: £1.25 million

Opens: 19 November 2018

Registration closes: 9 January 2019

Closes: 16 January 2019

Support phone number: 0114 236 4457

Funding is available for technical feasibility studies. The NIAO plans to develop a data enabled public sector audit approach which makes use of analytics techniques and machine learning to improve the efficiency and effectiveness of audit by increasing coverage and adding value to clients.
 
The aim of this competition is to develop a holistic data enabled audit approach capable of capturing, extracting, cleansing, formatting, interpreting, analysing and presenting data from a range of sources.
 
The competition looks at improving 2 main areas:
 
1.         Financial audit analytics.
2.         Value for money analytics
 
Funding
 
Organisations can apply for a share of £1.25 million, including VAT, to develop a data enabled public sector audit approach.    
 
This funding is for phase 1 technical feasibility study. A decision to proceed with phase 2 will depend on the outcomes from phase 1. Only successful phase 1 applicants will participate in phase 2.
Phase 1: Projects should last up to 12 weeks and be completed by 22 July 2019. They can range in size up to a total cost of £50,000, including VAT.
Phase 2: Projects should last up to 12 months. They can range in size up to a total cost of £500,000, including VAT.
 
Scope
 
In phase 1 you must address at least one of the 2 points below:
 
1.         Financial audit analytics.
2.         Value for money analytics.
 
A selection of these studies and the range of topics they cover can be viewed on the Northern Ireland Audit office website.
 
In phase 1 testing will focus on Northern Ireland data.

We are particularly encouraging applications that:
 
•           address part 1 of the challenge.
•           develop a transparent solution that can perform audit tests or analyse data to identify high-risk transactions
•           deliver a product that is user-friendly and accessible, even by those with limited previous experience of data analytics
•           are cost-effective and affordable
•           can be replicated across other UK public sector audit agencies
•           comply with GDPR legislation and auditing standards

Out of Scope
 
We will not fund projects that are delivering something that is already available for purchase in the marketplace.

How can we help?
 We have an expert team who specialise in applying for, and securing funding on behalf of businesses. The success criteria for funding is often complex; engaging a specialist team significantly increases your chance of obtaining funding. If you would like to discuss your eligibility, or apply for this funding, contact us at your earliest opportunity.
 
We continually appraise the market to source the most appropriate funding available to meet our clients’ requirements.  There are numerous opportunities currently available, spanning a range of industries and topics. If you would like to explore the funding available, call us today to speak to a member of the team and to find out how your business could benefit.