RFP External Auditor

remote
Any, Any, Canada .
contract . June 16, 2025

Description

Introduction

The Tamarack Institute is a Canadian charity with a bold vision: to end poverty in all its’ forms. We are recognized for our effectiveness in bridging theory to practice. We are also highly effective in designing and delivering successful learning events in an array of different formats; have capacity, skill and experience in providing training and coaching in community engagement, collective impact, collaborative leadership, community innovation, and evaluating community impact; and, are highly effective in creating and sustaining online learning channels to make our knowledge and resources easily available and accessible to learners. Our Networks for Change support cities and local leaders to develop and implement large-scale change initiatives in building belonging, climate transitions, ending poverty, and youth futures with equity, anti-racism, and reconciliation as the foundation.

We invite proposals from accounting firms interested in performing Tamarack’s annual audit, providing annual audited financial statements, and accounting guidance throughout the year.

This request for proposal contains background information on Tamarack and specific information that must be included in the submission. Proposals must be submitted electronically no later than August 1, 2025, at 1200 PM EST.

Background

Tamarack's current annual revenue ranges between $6M–$12M, sourced from a combination of philanthropic foundations, government grants, fee-for-service consulting, and individual donations. We manage approximately $3.5M in reserve investments through Edward Jones and operate with a complex program delivery and shared services model across multiple community networks and practice areas.

Tamarack’s fiscal year runs from December 1 to November 30. Our team operates remotely, with our registered office in Waterloo, ON.

Audited financial statements for the year ended November 30, 2024, and the full 2025 plan can be found in our board package.

Scope of Work

The selected firm will:

Conduct an annual audit of Tamarack’s financial statements in accordance with Canadian generally accepted auditing standards (GAAS) and the Canadian Accounting Standards for Not-for-Profit Organizations (ASNPO).
Provide annually a management letter outlining internal control recommendations for all financial systems.
Provide annually engagement and planning letters communicating the required information on internal controls, significant risks, responsibility as auditors, responsibilities of the board, the audit approach, errors, related party transactions, materiality, and audit procedures.
Provide annually a draft representation letter.
Present audited financials and findings to the Board’s Finance & Audit Committee and be available for the AGM and Board of Directors Finance Committee Meetings to report on Audit findings.
Participate in the annual Audit Preparation meeting.
File the T3010 charity return annually.
Provide advisory support on emerging accounting or regulatory changes relevant to Tamarack’s operations, including the management of donor-restricted funds and investment reporting.

Evaluation Criteria

Proposals will be assessed based on:

Experience with not-for-profit audits of similar size and complexity.
Understanding of equity-based organizational contexts.
Demonstrated ability to provide value-added insights beyond compliance.
Qualifications and continuity of assigned personnel.
Fee structure and overall value for service.
Alignment with Tamarack’s values (equity, reconciliation, collaboration, transparency).

Submission Requirements

Please send one PDF document that includes the following in your submission:

Executive summary and firm overview.
Description of your approach to auditing nonprofit and charitable organizations.
Biographies and credentials of assigned audit team members.
Examples of past clients of similar scope.
Proposed timeline and work plan for the 2025 audit.
Fee estimates for each year, broken down by audit, T3010, and advisory.
Declaration of independence and any potential conflicts of interest.

Timeline

June 16, 2025 - RFP Issued
July 25, 2025 - Deadline for questions
August 1, 2025 - Proposal submission deadline
August 11 - 22, 2025 - shortlisted interviews
September 5, 2025 - Decision and notification
November 24 - 28, 2025 - Audit preparation meeting (date to be confirmed)
January 12, 2026 - Audit fieldwork begins
March 27, 2026 - Draft financial statements due
April 13-30, 2026 - Statement presentation to Finance Commitee and full Board of Directors (dates to be confirmed)

Know someone who would be a perfect fit? Let them know!