Whether it’s time for your organization’s first audit or you have decided to find a new audit firm, in order to obtain a CPA firm’s services for your audit work, your organization will most likely use a request for proposal (RFP) process.
Below is a list of some items that you should include in an RFP to make sure that you select an audit firm with the skills and experience to provide the services that your organization needs.
- Description of the firm (size, industries served, etc.)
- Name and biography of staff assigned to the audit
- Experience in auditing nonprofit organizations
- Description of why the firm believes it can add unique value/why is it different from other firms
- Description of how the firm educates and informs clients on emerging issues relevant to the nonprofit sector
- Experience with OMB’s Uniform Guidance (IF your organization requires a Single Audit)
- Statement of the firm’s understanding of work to be performed, including tax and nonaudit services
- A proposed timeline for fieldwork and reporting, including any required meetings with the board or audit/finance committee
- Fee for the services to be provided
- Any extra costs that may arise
- References from other comparable nonprofit audit clients
- Firm’s most recent peer review report
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