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Smart Auditing Platform to Increase Productivity and Effectiveness of Auditors PAC
Owner: PAC
Tags: Auditing, Accounting, Tax, Data amalgamation, Audit panning, Audit verification, Smart auditing software platform, Software platform, Software development
Audience: Other, Subject Matter Experts, Businesses, Start-Ups, Researchers, Students
Anticipated Funding: SGD 30,000
Applications close: February 14, 2020
Last Updated: November 15, 2019 3:07 AM
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The Challenge

Founded in 2014, PAC provides auditing, bespoke accounting and tax services to MNC, local enterprises and SMEs. They help to ensure that their clients’ growth plans are legal, statutory and tax compliant, within, into and out of Singapore.

As part of the governance and statutory compliant requirements, clients engage to perform objective audit and assessment services. While necessary, such services are manpower-intensive and mundane.

A big portion of the current auditing process (e.g. extraction and organisation of data) involves repetitive, essential yet low value work. The manual process also make it prone to human errors, which result in time consuming checks for mistakes.

In order to minimise the time consuming manual work and to speed up non value added procedures during the entire audit process, hopes to create a smart auditing software platform that is able to automate the processes of setting up audit work papers, audit planning, audit verification, audit adjustments and report(s) generation. This platform should be able to accurately import accounting data from the client’s database (e.g. general ledger) and have the ability to analyse and organise the data to guide an auditor through possible approaches of checks and verifications based on a smart understanding of the particular context and scenario. The platform should then be able to intelligently generate reports based on the inputs of the auditor and compile them into pre-designed templates, ready for the client’s approval and sign off. With the platform, the auditors could reduce the time spent on laborious and time intensive repetitive work, providing them with the capacity to handle efficient and effective audits, thereby providing better value to clients. PAC are looking for:

  • A Proof-of-Concept (POC) smart auditing platform that can enhance the quality of work of the auditor in the following areas:
    1. Data Amalgamation – Automate the process of data extraction from client’s database and organise it into pre-determined schedules for audit.
    2. Audit Planning – Perform data analysis and provide recommendations on the risk level of the company that includes highlighting samples to use for audit verification.
    3. Audit Verification – Ability to recommend next steps of work that reference the most current auditing and accounting standards and relevant technical materials.
    4. Audit Adjustments – Propose the necessary adjustments to audit based on findings from the audit verification for client’s approval.
    5. Report Generation – Generate bespoke reports for client’s approval and signatory based on auditor’s input after audit verification and adjustments. The reports should be based on pre-determined formats and templates so as to minimise time spent on unnecessary manual formatting.
  • The solution should meet the following criteria:
    • Read from third party software applications like Xero, Quickbook, MYOB, SAP, Sage, CSV files, and exported to customised accounting systems.
    • Extract and load data to Microsoft Excel to enable auditors to do simple analysis to meet other audit objectives, e.g. ratios analysis, and aging analysis.
    • Demonstrate the ability to apply pre-determined set of rules on the data to calculate factors such as materiality level.
    • Compute and select the required samples for audit verification based on existing auditing standards.
    • Provide recommendations for audit verification based on the most current auditing standards, the data set and the different set of procedures governing each item.
    • User friendly and intuitive for the auditor to fill in the necessary data input, and provide step-by-step guidance in the audit verification process.
    • Support e-signing verification when both the client and the auditor agree to the audit report findings, based on pre-determined templates with flexibility to edit structure.

There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the POC needs to be demonstrated in Singapore.

Please note to view details of this challenge, you will be required to create an online profile - please refer to the website for further details.

Eligibility Criteria

For complete details on the eligibility criteria that govern 'Smart Auditing Platform to Increase Productivity and Effectiveness of Auditors' please refer to the website.

Terms and Conditions

For complete details on the terms and conditions criteria that govern 'Smart Auditing Platform to Increase Productivity and Effectiveness of Auditors' please refer to the website.

How to Apply

To submit an application 'Smart Auditing Platform to Increase Productivity and Effectiveness of Auditors' please refer to the website.

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