RFP: Auditing Services

United Way Northumberland is seeking Request for Proposals for Auditing Services

United Way Northumberland (NUW) is seeking proposals from qualified audit firms to provide comprehensive audit services for our organization. We are interested in engaging a reputable and experienced firm to conduct an independent audit of our financial statements in accordance with applicable accounting standards and regulations.

1. Background Information: NUW is a community driven charitable organization that plays a significant role in developing and improving the well-being of Northumberland County residents. NUW carries out UW Canada’s mission in addressing a wide range of social issues and community needs via Fundraising, Volunteer engagement, advocacy, and community partnerships. NUW is incorporated under The Ontario Corporations Act. NUW is a charitable organization within the meaning of the Income Tax Act.  A volunteer Board of Directors has fiduciary responsibility and oversight of the NUW’s operations.  The Board is a very committed group of individuals who play an integral role in guiding NUW as a policy governance board.

NUW is based in Cobourg, Ontario, and collaborates with a wide range of stakeholders, including local businesses, municipal governments, non-for-profit organizations, and locals to facilitate a collective effort for community betterment.

NUW is funded largely by individual and corporate donors via Pledges and yearly campaign contributions. NUW is also funded by the municipal government and other corporate sponsors to assist in the organizations’ on-going programs and partnerships. As of the year ended March 31, 2023, NUW’s assets totaled $1,204,879; total revenues were $936,159; total expenditures were $1,185,244; Reserve’s and equity total of $637,269.

1. Objectives: The primary objectives of the audit engagement are as follows:
   • To obtain reasonable assurance that the financial statements are free from material misstatements and fairly present the financial position, results of operations, and cash flows of United Way Northumberland.
   • To assess the effectiveness of internal controls and identify areas for improvement.
   • To provide an opinion on the compliance of our financial statements with generally accepted accounting principles (GAAP) or Accounting Standards for Not-for-Profit Organizations (ASPNO) and adhere to United Way’s TAFR, as applicable.
2. Scope of Work: The audit firm should outline its proposed scope of work, including but not limited to:
   • Conducting an audit of the financial statements, including the balance sheet, income statement, cash flow statement, and accompanying notes.
   • Testing the effectiveness of internal controls and assessing their design.
   • Performing substantive tests and analytical procedures to evaluate the reasonableness of financial statement balances and transactions.
   • Review compliance with relevant laws, regulations, and contractual obligations.
   • Provide Updates on any new legislative/new accounting regulations and requirements for Non-Profits
   • Preparing and issuing an audit report in accordance with professional auditing standards.
   • Preparation of a Management Letter to the Board of Directors
   • Preparation of Charity Return, i.e., T3010 etc.
3. Timeline:
   • Audit – Completed by May 31st
   • Draft Statements – Ready by the end of the First week of June
   • Finalized Statements – Ready by June 18^th
   • AGM – Presentation Last week of June (Date to be confirmed)
4. Proposal Submission: Interested audit firms should submit a comprehensive proposal that includes the following:
   • Company profile, including relevant experience in auditing organizations of similar size and industry.
     1. Including but not limited to; Expertise in NPO organizations, experience working with charities, etc.
   • Team composition and qualifications of key personnel who will be involved in the engagement. The continuity of staff will be given a high priority, and this must be indicated.
   • Approach and methodology for conducting the audit.
   • Proposed fee structure, including estimated costs for each phase of the engagement.
   • References from previous clients, preferably in a similar industry.
   • An estimate of the number of hours required for the annual audit, broken down by staff level and fees and expenses in a format as described under Appendix A.
   • Any additional information or supporting documents that may be relevant to the proposal.
5. Evaluation Criteria: The evaluation of proposals will be based on the following criteria:
   • Firm’s experience and reputation in conducting audits.
     1. Including but not limited to; Expertise in NPO organizations, experience working with charities, etc.
   • Qualifications and expertise of the audit team.
   • Understanding of our organization’s industry and specific audit requirements.
   • Proposed methodology and approach.
   • Fee structure and value for money.
   • References from previous clients.
6. Confidentiality: All information provided in response to this RFP will be treated as confidential and used solely for the purpose of evaluating proposals. Upon request, all submitted materials will be returned or destroyed.
7. Proposal Submission Deadline: Proposals must be received no later than December 15, 2023. Late submissions may not be considered.

If you have any questions or require further clarification, please contact Anton Buretic at buretic@parttimecfoservices.ca or 905-902-4517. We look forward to receiving your proposal and potentially partnering with your firm for our audit needs.

Decisions on who will complete United Way Northumberland’s next audit will be announced either way by the end of January 2024. Thank you for your attention to this matter.