Request for Proposal (RFP) for Auditor Services

Issued: September 3, 2024

Proposal Due Date: October 15, 2024

1. Introduction

The Newfoundland and Labrador Folk Arts Society (NLFAS) invites you to submit a proposal for the completion of yearly financial audits, beginning with the fiscal year ending December 31, 2024.

NLFAS is a charitable organization dedicated to celebrating, preserving, and promoting the traditional and contemporary folk arts of our region through public outreach and events, including our annual flagship event, the NL Folk Festival. 

2. Scope of Services 

The selected Auditor will be required to:

  • Conduct an annual audit of NLFAS’s financial statements in accordance with Canadian Generally Accepted Auditing Standards (GAAS). 
  • Review relevant internal controls and provide recommendations for improvement. 
  • Prepare and present the audited financial statements with an independent auditor’s report to the finance committee and board of directors.
  • Ensure compliance with all relevant regulatory and reporting requirements.

The above must be completed by March 1, 2025 in order for the board to review before presenting at the Annual General Meeting.

3. Qualifications 

Interested firms must demonstrate: 

  • A proven track record of conducting audits and/or reviews for charitable organizations. 
  • Experience with non-profit organization financial regulations and reporting standards. 
  • Professional accreditation (CPA designation). 
  • Strong references from similar non-profit clients. 

4. Proposal Requirements 

Proposals should include the following: 

  • Firm background and qualifications of staff. 
  • Detailed audit approach and methodology. 
  • Proposed timeline for audit completion. 
  • Proposed fee structure, including any additional costs. 
  • References from similar non-profit organizations. 
  • Discussion of independence or any conflicts of interest.

5. Submission Guidelines 

Please submit your proposal by October 15, 2024 to: 

Katie Predham, Treasurer, katie.predham@nlfolk.com

Reports submitted after this deadline will not be considered.

6. Evaluation Criteria 

Proposals will be evaluated based on: 

  • Relevant experience and qualifications. 
  • Understanding of non-profit sector needs. 
  • Quality and clarity of the proposal. 
  • Cost-effectiveness of the service. 

7. Terms and Conditions 

NLFAS reserves the right to: 

  • Reject any or all proposals and to accept the proposal that is in its best interest. 
  • Cancel, amend, or reissue this RFP at any time. 

Proposals will be considered and the new auditor notified by December 1, 2024.

Thank you for your interest in partnering with NLFAS to ensure our financial integrity and support our  mission to promote the folk arts in our community. 

If you have any questions, please reach out to Katie Predham at the email address noted above.

Katie Predham

Treasurer 
Newfoundland & Labrador Folk Arts Society