The vendor is required to provide for the acquisition and implementation of internal audit management software.
- The solution should streamline and modernize audit planning, execution, documentation, tracking, and reporting to improve the agency’s internal control and compliance processes.
- Core functional requirements:
• Audit planning and scheduling
o Annual and biannual risk-based audit planning
o Resource allocation and scheduling
o Audit universe management
• Audit execution
o Workpaper management (templates, file uploads, version control)
o Fieldwork documentation
o Review and sign-off workflows
o Tracking review comments
o Ability to perform testing and markup within the tool
o Ability to generate audit reports in the solution automatically
o Ability to send final audit reports for review
• Findings and recommendations management
o Issues management and action plan workflow
o Root cause analysis
o Remediation plans and due date tracking
• Reporting and dashboards
o Real-time dashboards for management and auditors
o Custom and canned reporting (e.g., audit status, overdue items)
o Export to pdf, excel, etc.
• Risk assessment
o Risk registers
o Risk scoring and prioritization
o Linkage of risk to internal controls and audit findings.
- Questions/Inquires Deadline: June 11, 2025