Request for Proposals for Audit Services

Organization name: 
Northwood Neighbourhood Services
Deadline date: 
Thursday, December 9, 2021 - 12:00am
Deadline: 
Fixed date
RFP status: 
Active

Summary:

This Request for Proposal (RFP) is issued by Northwood Neighbourhood Services (NNS), a registered Provincial Charity, operating and serving diverse communities in the North-West of Toronto since 1982.

The purpose of this RFP is to invite proposals to select firm who could provide audit and tax services for the Annual Audit of NNS for the year 2021. NNS Financial year is from January to December, and the proposed Audit will take place in February 2022.

NNS Background:
Northwood Neighbourhood Services is well-established Charity providing a wide range of services to refugees and newcomers in the North-West Toronto for the last 39 years. It has a diverse team of dedicated staff and professionals. NNS is governed by a voluntary Board, and, our funders include the City of Toronto, the Government of Ontario, United Way Greater Toronto, trusts and others in Canada. NNS is incorporated as Provincial Charity in Ontario.
NNS Board of Directors will select the auditors. The approval of the audit firm is mostly made by the Membership at the Annual General Meeting; however, in the NNS AGM held in June 2021, the NNS Board was authorised to select a suitable firm later in the ongoing year.
Our annual operating budget is approximately $1.5 million per year; and we employ about 25 fulltime and part-time staff. Our main source of revenues is from The City of Toronto, United Way Greater Toronto, and the Province. We also receive funding from Federal Government agencies, and several trusts.

NNS Financial year year-end is December 31stand our audit is usually performed in February of the following year; and the AGM is held in April. In 2021, due to pandemic related delays and factors, the audit took place in end-May2021, and the AGM was held in end-June 2021.
The NNS draft audit is first presented to the NNS Board of Directors, and then submitted to the Membership at the Annual General Meeting.
NNS maintains all accounting records in-house. We use (QuickBooks software). The NNS Finance Team is assisted by the key program managers and leaders during the audit.

1. Terms and Conditions:

1.1. Delivery of Proposal:
Please submit one (1) electronic copy in PDF format by email to: info@northw.ca by Thursday December 9, 2021, by 23:59, EST. All documents should be combined as one single document.

1.2. Proposal Time Limit:
Each bidding firm shall commit that the proposal is valid and accurate for 150 days from the closing date of Thursday, December 9, 2021.

1.3. Selection Process:
NNS reserves the right to accept or reject any proposal. NNS will review all applications; the award will be based on a review of the proposals against all evaluation criteria and will not necessarily be awarded on the lowest price offered. Each firm will be provided with fair access to information, as requested by email or in writing (attn.: Audit at info@northw.ca).
Additional written materials, to ascertain the qualification of applicant, may be requested.

1.4. Inquiries:
Respondents may email (please no phone calls) all questions to: (attn.: Audit: info@northw.ca) by Thursday, December 02, 2021, by 5:00pm.

1.5. Liability Insurance
All firms are requested to warrant that the firm does not have any outstanding liability claims that may impact on the future health of the firm. Additionally, the firm must maintain sufficient liability relevant for a client of our size. The liability coverage must be confirmed.

1.6. Conflict of Interest
Applicants responding to this RFP may not have any personal or business interest that would present an actual, potential, perceived or apparent conflict of interest with the performance of the contract being awarded.

1.7. Distribution of the Invitation for Proposals:
This invitation has been released by notice to potential applicants identified by NNS.

1.8. NNS is not committed to Applicant’s Expenses:
The application process will not necessarily result in a commitment to sign a contract with the applicant. NNS shall not be liable for any expenses incurred by any Applicant for the submission of this RFP.

1.9. Successful Applicant:
The successful applicant will be required to enter into a Service Agreement with NNS.Please be advised that successful applicant will be required to:
1.9.1. Provide the services for a defined period of time;
1.9.2. Provide invoices to NNS on account of their services, accordingly; and
1.9.3. Provide NNS with an HST number for their business.
1.10. External Factors:
NNS reserves the right to withdraw this RFP or terminate the resulting contract within the terms of the contract without penalty. NNS programs and services receive funding from various sources and therefore all contracted services are subject to budget constraints.

2. KEY DATES

  • Issue Date: Friday, November 19, 2021
  • Bidder’s questions deadline: Thursday, December 2, 2021, 5:00 p.m. EST
  • Deadline for submission of proposals: Thursday, December 9, 2021, 23:59 EST
  • NNS Board will review the proposal in its meeting in the 3rd week of December 2021, and the firms will be notified soon after that but before the Christmas break. Formal appointment of the Auditors will be in early January 2022.

3. SCOPE OF AUDIT, the proposal must address all of the following audit items:

3.1. Audit of the corporation and the preparation of Audit Reports and other reports:

  • Present the Audit plan to the Board of Directors in person or via Zoom by 21stJanuary2022;
  • Audit the annual Financial Statements, and conduct the examination in accordance with the Canadian Auditing Standards and in compliance with the
  • Canadian Accounting standards for Not-for-profit organizations;
  • Present draft audited financial statement to the NNS Board of Directors in person or via Zoom by 21stMarch 2022;
  • Make recommendations based on audit findings and/or issue a Management Letter, if required;
  • Review Charitable Information Return (T3010) and other returns as required by the Canada Revenue Agency or the Province.
  • Advise NNS of any and all changes in accounting and reporting requirements.

3.2. Meeting attendance:
Meetings between the auditor partners and the NNS staff and Board members will be arranged in Jan 2022, after the Audit firm is appointed.

3.3. Consultation from time to time:
The audit team is to serve as a resource and be available for consulting on accounting and related issues throughout the fiscal year.

3.4. Audit timing:
The end of the fiscal year at NNS is December 31st. The field work takes place during February/March 2022. Draft Financial Statements are presented to the Board in March 2022. Finalized audited statements and audit findings report should be provided by 31st March, and AGM will be held in April 2022.

4. FORM OF PROPOSAL, all proposals must include:

4.1. An overview of the firm:

  • Describe your firm’s experience in providing audit services to government funded, non-profit and charitable organizations.
  • Provide evidence of firm’s qualifications to provide the services described in Section 3.
  • Scope of the Audit;
  • Indicate your firm’s expertise in charitable law, accounting systems, and any other ancillary service that you feel would be beneficial to Northwood Neighbourhood Services (NNS).
  • Provide references from at least three (3) current comparable non–profit audit clients (of similar size and audit scope and involved in settlement and refugee services if possible). This should include contact person’s name, organization, title, e-mail, address, phone number and year that audit services were provided; and
  • Provide the size and organizational structure of the Applicant’s firm.

4.2. The Audit Team:
Provide names of the partner, audit manager, and field staff who will be assigned to our account and provide their biographies; and
Provide the firms’ history regarding staff continuity at the partner and senior staff level and its experience with other clients similar to NNS in this regard.

4.3. The Audit approach:
Describe the audit processes and techniques used by your firm;
Indicate your expectations of NNS both before and during the audit; and
Propose a timeline for fieldwork and final reporting.

4.4. Audit Fees:
The terms of engagement is for the 2021fiscal audit year (ending Dec 31st,2021) with an option to extend annually for an additional four (4) years. Annual extension will be determined through a vote at NNS Annual General Meeting.
Provide proposed fee structure for each of the five (5) years of the proposal period (2021 onwards), including details of administration fee structure, as well as any assurances that can be given regarding fees in future years and the maximum fee that would be charged.

5. EVALUATION CRITERIA

  • NNS criteria will be based upon, but not limited to, the following criteria:
  • Be a Provincially / Nationally recognized firm;
  • Be current with respect to legislation relevant to the operations of a Canadian (Provincial) registered charity;
  • Have experience in providing audit services for similar sized registered charities;
  • Have experience in providing audit services in a Settlement and refugee serving context;
  • The background, education, qualifications and relevant experience of staff assigned to the engagement, and the professional standards of the firm;
  • Reputation of the firm in its industry, and particular areas of expertise which may be of value beyond the normal engagement;
  • Ethical reputation, past performance and conduct of the firm including but not limited to confirmation the firm is not subject to any concerns, disputes, or investigations regarding ethical misconduct that may impact our reputation;
  • Be in a position to provide professional development opportunities for NNS staff through events, webinars, and blogs about non-profit related subjects;
  • Gender balance of the firm’s Board and senior management team;
  • Having a Diversity and Inclusion Policy and related programs and initiatives;
  • Organizational alignment with NNS and a willingness to establish a long-term beneficial relationship;
  • Understanding of the scope of the proposed professional services as evidenced by the proposal submitted including a comprehensive understanding of issues that affect NNS and the communities it serves;
  • Proposed fee structure for each of the five (5) years of the proposal period including details of administration fee structure; and,
    Reference checks.

How to Apply:

Respondents may email (please no phone calls) all questions to: (attn.: Audit: info@northw.ca) by Thursday, December 02, 2021, by 5:00pm.
Please submit one (1) electronic copy in PDF format by email to: info@northw.ca by Thursday December 9, 2021, by 23:59, EST. All documents should be combined as one single document.