What is Finance vetting?

What is finance vetting?

Finance vetting is the scrutiny of a procurement case by the buyer’s finance or accounts department. Finance officials check that the proposal is financially sound and follows the rules before it goes for approval. In central government this role is often played by the associated or integrated finance wing.

Whether vetting is needed, and at which stage, depends on the organisation, the value of the procurement and the delegation of financial powers.

What finance checks

The exact checks vary, but finance usually looks at points such as these.

• Availability of budget for the purchase
• Calculations in the comparative statement and the evaluated prices
• Reasonableness of the L1 price against estimates or past purchases
• Compliance with financial rules and the tender conditions
• Whether the proposed approval is within the approver’s financial powers

How it fits in the workflow

In many organisations, the briefing note or evaluation case is sent for finance vetting before or alongside tender committee proceedings. In others, a finance member sits on the tender committee itself. Finance may concur, raise observations, or ask for clarification before the case moves on.