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ECONOMIC DEVELOPERS COUNCIL OF ONTARIO (EDCO)
REQUEST FOR PROPOSAL
AUDIT Services
Services Required
The Economic Developers Council of Ontario (EDCO) is seeking a qualified consultant/company to audit financial records of the association for the fiscal years ending September 2017 and September 2018. These audits are to be performed in accordance with the provisions contained in this Request for Proposal.
WHAT is EDCO?
The Economic Developers Council of Ontario (EDCO) is Canada’s largest provincial economic development organization. For the past 60 years EDCO has increased the capacity of those who practise economic, industrial, and community development through professional development initiatives, information exchanges among members and the promotion of the economic development profession. It has also been a catalyst for assisting in the development and promotion of Ontario and its municipalities.
The membership of EDCO is comprised of specialists from various disciplines. Each contributes his or her expertise to the complex job of economic development.
The Council consists of:
· Municipal, Business and Economic Development Professionals
· Municipal, Regional, Provincial, Federal Government Officials
· Land Developers
· Educators and technology assistance developers and facilitators
· Industrial and Commercial Realtors
· Tourism Industry Representatives
· Industrial/Commercial/Tourism Development Specialists from Banks, Public Utilities and Transportation Companies
EDCO enjoys a close working relationship with the Provincial and Federal Governments as well as links with other professional associations.
For further information, visit the EDCO website at www.edco.on.ca
PROJECT Background
As per EDCO’s constitution and bylaws, the association must engage the services of a qualified accounting firm to perform an annual audit of its financial records. EDCO currently uses Quickbooks Online as its software and retains the services of a bookkeeper to perform reconciliation of monthly accounts and overview of operations throughout the year. Material will be delivered to successful auditing firm by December 1st of each year with audit services to be complete in report format no later than January 1st of each year.
PROJECT DELIVERABLES
1. Auditors report on in conformity with generally accepted accounting principles on EDCO’s 2 operating accounts and EDCO’s investments.
2. Management letter (if necessary) that contains any items involving the internal control structure, which are not deemed to be reportable conditions.
3. Auditors shall assure themselves that the EDCO Board of Directors is informed of all required communication.
4. All working papers and reports must be retained, at the auditor’s expense for a minimum of three (3) years at the end of each audit. The auditor will be required to make working papers available, upon request, to the Association and relevant government departments.
5. It is expected that the audit firm will provide technical assistance (if requested) throughout the contract period to Association staff.
6. The auditor’s principal contact with the Association will be the Chief Executive Officer, who will coordinate the assistance to be provided by the Association to the auditor.
7. The auditor will provide an overview at the EDCO Annual General Meeting held in Toronto, Ontario. Expenses for attendance shall be a separate line item in the proposal.
8. The audit firm will prepare year end payroll statements and T4 forms for EDCO staff where appropriate.
TIMELINES
RFP Issued March 30, 2017
RFP Submissions due by 4:00pm EST April 24, 2017
Award Contract no later than June 1, 2017
Contract Completed by January 1, 2019
SKILLS REQUIRED OF CONTRACTOR
The successful proponent should be a firm of Certified Accountants.
PROPOSAL CONTENT
Your proposal should include a demonstrated understanding of the scope and particulars of the assignment, the estimated expenses to complete the assignment, and should clearly and concisely address the following evaluation criteria:
1. Proponent Overview (15 points)
Provide a company profile, verification of liability insurance policy and describe the relevant experience of the proponent in projects completed of a similar scope and scale. Also provide references (minimum of three) of projects that the proponent has done in the last three years – should include company, address, and contact person, telephone number, email and website (where possible).
2. Understanding of Objectives/Approach & Methology (45 points)
Provide a brief statement of understanding of the work to be done and a positive commitment to perform the work within the specified time period. The firm’s approach to performing the audit to include at least the following: i) type of audit program used (ii) use of statistical sampling (iii) ability to meet the timeline for the conducting the audit.
3. Experience and Qualifications of Key Team Members (15 points)
Identify the Project Manager and key team members of the project team to be assigned, including those from specialized sub-consultants, and describe their individual capabilities, respective roles and availability for this project. Resumes should be included where appropriate.
4. Work Plan and Schedule (25 points)
Provide a work plan and schedule, including a breakdown of the major tasks and the level of effort by individual team members in sufficient detail as to allow a complete understanding as to how and by whom the work is to be carried out.
5. Budget (20 points)
Provide a detailed budget for the project.
SELECTION PROCESS
An evaluation team from the EDCO Executive will review all expressions of interest received and score the proposals using a “consensus” approach, in relation to the criteria that are identified. One or more proponents may be invited to attend a formal interview with the evaluation team the week of May 1, 2017, and/or to provide written clarification on their proposal.
Consideration will be given to firms who can demonstrate support through partnership of the organization.
EDCO is not bound to accept any proposal and reserves the right to modify or revise the successful submission in discussion with the proponent following acceptance of the original proposal.
SUBMISSION OF PROPOSAL
Please provide an electronic copy of your proposal in Word or PDF format to Gordon Knowles, EDCO Secretary Treasurer at . Proposals must be received by no later than 4:00 p.m. EST on April 24, 2017
Late submissions will not be given consideration.
ENQUIRIES
Enquiries regarding terms, conditions and proposal process or format of response should be directed to Gordon Knowles at no later than April 10, 2017. 12:00pm Responses to enquiries will be provided no later than 12:00pm April 27, 2017 EST.
CONFLICT OF INTEREST
The consultant will identify any perceived conflict of interest before the proposal is submitted to the Economic Developers Council of Ontario.
OWNERSHIP OF COLLATERAL MATERIAL
Upon completion of project, all material collected and created will become the property of the Economic Developers Council of Ontario Inc.