Analytics Engines are pleased to announce that they have been selected for Phase Two of the Northern Ireland Audit Office (NIAO) Small Business Research Initiative to “develop a data-enabled public sector audit approach”.
Initially launched in November 2018, the purpose of the project was to develop a holistic solution capable of capturing, cleansing, interpreting, analysing and presenting data from a range of sources.
Successful applicants to Phase One of the project were tasked with creating a solution that would address at least one of the two main points listed below.
- Financial audit analytics – Analysing and audit testing whole financial transaction populations and identifying high-risk transactions.
- Value for money analytics – Analysing management information and publicly available data to provide evidence to support findings and recommendations in a wide variety of thematic reports.
In Phase Two of the project, successful applicants will be given the opportunity to further develop research and development undertaken during Phase 1 with a view of producing a prototype.
In response to the project, Analytics Engines has developed Xamine, a financial audit solution that utilises emerging technologies to enable the Northern Ireland Audit Office to standardise and automate large portions of the audit process.
Northern Ireland Audit Office Director Suzanne Walsh said: “We are delighted and excited to move to this next stage of our project to deliver a more data-enabled approach to public sector audit. As an office, we are committed to embracing new innovations and opportunities offered by the latest technology. While we have access to a wide range of data from financial management systems, we want to better harness this data and use it to its full potential. That is our aim as we move into this new phase. We look forward to collaborating with Analytics Engines and our other supplier and partners as we take this exciting work forward.”
Analytics Engines, Head of Data Solutions, Conor Dumigan said: “We’re delighted to have been selected for Phase Two of this project and we’re incredibly excited to have the opportunity to collaborate with the Northern Ireland Audit Office to further develop Xamine. The solution will utilise emerging technologies to enable specialist teams in the Audit Office to transform how they work.”
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