top of page

Financial Auditing

Atlantic Council for International Cooperation

Feb 22, 2024

2099 Gottingen Street #210, Halifax, NS, Canada

Request for Proposals

Request for Proposals- Auditor
Download PDF • 133KB


The Atlantic Council for International Cooperation (ACIC) is a coalition of individuals, organizations and institutions working in the Atlantic region to build and model just, equitable and sustainable communities, locally and globally. ACIC connects leadership across generations by strengthening members and partners, bridging dialogue and building networking and learning opportunities. ACIC also represents and amplifies the voice of Atlantic Canada and connects the Atlantic with other provincial, national and international stakeholders.


We acknowledge that we work and live in Mi’kma’ki, the traditional and unceded territory of the Mi’kmaq People. This territory is covered by the “Treaties of Peace and Friendship” which Mi'kmaq and Wolastoqiyik (Maliseet) people first signed with the British Crown in 1725. Making us all Treaty People, committed to the ongoing relationship between nations, and to reconciliation.


Please note that the annual report (2022-2023) and financial statements are available on our website:

Financial and Business Operations

We are enclosing a copy of the audited financial statements for the year ended March 31, 2022, a table showing quick Atlantic Council for International Cooperation QBO Chart of Accounts.

ACIC’s operating budget is around $2 million dollars, and the organization is supported by a team of around 10 people, with two in finance. The organization’s main revenue lines include government funded grants and contributions, membership dues, and a very small revenue from events. Financial record keeping is maintained on the QuickBooks Online (QBO) accounting system. Monthly statements are drawn, and internal reporting is regularly done through these systems.


ACIC doesn’t have a dedicated staff person supporting information and technology, but rather knowledgeable team members in addition to external help when needed. Payroll is managed exclusively through the QBO system. Additionally, all archiving systems were transitioned to Microsoft SharePoint after the pandemic.


ACIC's fiscal year-end is on March 31st. We use the accrual system for all our reporting to our main funder (Global Affairs Canada), including annual financial statements and other internal and external reports.


The Atlantic Council for International Cooperation (ACIC) is governed by a diverse Board of Directors, with representatives from each Atlantic province and directors-at-large, ensuring regional diversity and gender balance. The Board convenes regular and special meetings, with an Executive Committee overseeing affairs between meetings.


Financial matters are addressed, designating March 31 as the financial year-end and requiring the preparation of annual financial statements. The Finance Committee, comprising the board treasurer, the Executive Director, the Finance Manager and the Program Director, reviews and presents audited financial statements for Board approval. This committee also recommends auditors' appointments at the Annual General Meeting.


Provisions for electronic members' meetings and absentee voting enhance flexibility. The by-laws include dispute resolution mechanisms. ACIC's governance emphasizes transparency, inclusivity, and sound financial management.

Scope of Work

Service Required

ACIC requires preparation of Annual Audited Financial Statements including:

  • Statement of Financial Position;

  • Statement of Revenues and Expenditures;

  • Statement of Changes in Net Assets;

  • Statement of Cash Flows;

  • Audit Service Plan;

  • Preparation of Management Letter;

  • Presentation of Audit Results;

  • Information and advice on important issues relating to Global Affairs Canada rules, financial reporting that impact ACIC, and opportunities to improve compliance and controls;

  • Information and advice on government (federal, provincial or local) non-profit / small business support programs that could benefit ACIC.

The audited financial statements must be prepared in accordance with Canadian accounting standards for not-for-profit and must include an expression of opinion on the fairness of the financial statements as derived through Generally Accepted Auditing Standards.


ACIC requires that the Draft Audited Financial Statements be ready for review by ACIC’s Finance Committee no later than the first week in June and that Financial Statements be issued no later than mid-June, once the ACIC Board approves the statements to be issued at the Annual General Meeting (generally held the third Thursday of June).

Proposal Outline

Please submit your proposal in the following format:


Section 1: Cover Letter (maximum one page)


Section 2: Overview of your Firm (maximum two pages);

  • Provide a general description of your firm with emphasis on general experience and capabilities in auditing not-for-profit organizations.


Section 3: Relevant Experience and References (maximum 5 pages);

  • Include a list of 2 to 4 similar not-for-profit organizations that your firm audits. At least three (3) of the reference organizations must have been audited by member(s) of your proposed audit team. For these three (2) referenced audits, please indicate which proposed audit team member(s) has conducted this work and provide a client reference contact name and details;

  • Provide a brief description (maximum one page per organization) for each of the referenced organization, years audited, the services provided, and any other relevant information that indicates how this audit experience relates to the work you would perform for ACIC.

Section 4: Proposed Audit Resources (maximum 3 pages);

  • Please provide the name(s), and brief description of roles and relevant experience of the senior member(s) of your proposed audit team (resume(s) may be provided in an appendix if desired)


Section 5: Proposed Audit Approach (maximum 3 pages);

  • Provide a brief description of audit approach;

  • What is your estimate of staff time assistance by ACIC and how will you minimize the disruption to our normal workload?

  • How will your communication occur with ACIC staff and the Finance Committee?

  • What procedures will you perform to enable you to provide a Management Letter to the organization that is both accurate and meaningful?

  • How will you ensure timely completion of the audited financial statements?

Section 6: Financial Proposal (maximum 2 pages)

  • It is ACIC’s intention to appoint an auditor for a three-year period with an option to renew for an additional term. Accordingly, please provide a fixed price quote for the services requested for each of the fiscal years ending March 31, 2024, March 31, 2025, as well as March 31, 2026. Include any relevant assumptions related to your price quotes;

  • Please also outline your firm's approach and fees for extra billing for specialty work with a quote of your rates on an hourly basis, in the event any special services that may be requested by ACIC;

  • The pricing of the services should be provided in a separate electronic document that accompanies your proposal.


Section 7: Inclusion, Fair Labour and Environmental Considerations (maximum 1 page);

  • ACIC is committed to diversity, equity, inclusion, justice and anti-racism. Our procurement processes include providing equitable opportunities for vendors of all sizes and backgrounds, including Black, Indigenous, and people of color (BIPOC)-owned vendors, to be successful in a procurement process. We recognize that including inclusive procurement considerations can help reduce unnecessary barriers for diverse vendors when bidding on opportunities;

  • ACIC has a strong commitment to combating climate change and environmental sustainability. We seek to work with organizations that share our values in their commits and in tangible approaches to their work;

  • Inclusion, environmental considerations, and fair labor practices will inform the selection process (see further details below on proposal evaluation). All proposals should provide a short indication of how environmental considerations are accounted for in the proponents' approach to business and as a potential service provider for ACIC;

  • Considerations for fair labour practices should also be outlined. Finally, your business’s approach to equity, diversity and inclusion should be indicated in the proposal. You may also include if your business is BIPOC owned or led, and/or owned or led by other equity seeking groups.

Proposal Process. Terms and Timeline

Questions or requests for clarification regarding this RFP may be submitted in writing to Jennifer Sloot, ACIC’s Executive Director ( and Wissam Issa, Finance Manager ( by the date specified below. These requests will be addressed during a virtual meeting with the proponents.

ACIC may issue addenda or clarifications to this Request for Proposal by the date specified below.

ACIC may cancel this Request for Proposal at any time and reserve the right to select one or none of the respondents at its own discretion as its preferred supplier. Selection of a preferred supplier does not constitute a binding contract between ACIC and the proponent. Neither ACIC nor its Board of Directors shall be obligated in any way by any proponent's response to this request for Proposal, nor shall ACIC be liable for any costs incurred by any proponent in the preparation of this Request for Proposal. All information provided in the proponent's proposal will be considered confidential and will become the property of ACIC for record keeping.

Proponents may not make modifications to their proposal after the closing time. Should a proponent make more than one proposal, only the one received last will be considered. The proponent by means of electronic delivery addressed to the ED and the Finance Manager as per the coordinates above.

Timeline and deliverables:


Dates - 2024

Proposal Release

February 22 2024

Deadline for issuance of amendment if required

March 15 2024

Deadline for submission of proposals

March 22 2024

Recommendation for appointment of auditors by Board

April 2024

Ratification of Auditors at Annual General Meeting

June 2024

Submission Instructions:

Proposals must be received by ACIC electronically at the coordinates above on or before 4 p.m. Monday, March 22, 2024. Proposals received after this time will not be considered.

This Request for Proposal is not a contract.

Proposal Evaluation Criteria

ACIC will evaluate all proposals based on the following criteria:

  • Price (Financial Proposal)– 40%

  • Experience (Overview, Relevant Experience and References) – 15%

  • Availably of service and quality (Audit Approach, Timing and Resource) – 35%

  • Inclusion, Fair Labour and Environmental Considerations – 10%

bottom of page