GWSCPA Audit of Financial Statements RFP

GWSCPA Audit of Financial Statements RFP




Greater Washington Society of CPAs


The Greater Washington Society of CPAs

Request for Proposal


I. Summary

a) Project Title: FY18-FY20 Audit of Financial Statements and IRS information returns

b) Issuing Organization: The Greater Washington Society of CPAs

c) Contact Person: Kari Bedell, Executive Director

                           The Greater Washington Society of CPAs

                           1140 Connecticut Ave, Suite 606

                           Washington, DC 20036

                           Send in care of Ashley Fearn:

d) Proposal Due Date: August 15, 2018

e) Required Submittal: Transmittal letter

                                  Contents of proposal


II. Project Description

The purpose of this Request for Proposal (RFP) is to engage a certified public accountant to perform an audit of the consolidated financial statements, and completion of IRS information returns, of The Greater Washington Society of CPAs (the Society) and the associated entity of the GWSCPA Educational Foundation for the years ending June 30, 2018, June 30, 2019, and June 30, 2020, with potential for a renewal for an additional two years. The consolidated audits should be conducted in accordance with auditing standards generally accepted in the United States of America. Those standards require that the audits be planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement.


III. Background

The Society was incorporated as a 501(c)(6) nonprofit corporation to operate for the benefit of its professional membership. The associated entity is comprised of the GWSCPA Educational Foundation, a 501(c)(3) nonprofit incorporated to operate exclusively for charitable and educational purposes Total projected revenues and expenses for fiscal year 2018 are approximately $1,400,000. The Society’s primary source of revenue is membership dues. The Educational Foundation’s primary source of revenue is from CPE events. Total assets were approximately $1,300,000 at June 30, 2017, which consist primarily of cash, receivables, and other assets. Neither the Society nor the related entities have any loans outstanding. The liabilities currently consist of accounts payable and deferred revenue totaling approximately $200,000.

IV. Scope of Services and Timeframe

  • Audit of the consolidated financial statements of the Society and its associated entities for the year ending June 30, 2018.
  • Completion of IRS information returns for the Society and associated entities for the year ending June 30, 2018.
  • Commence fiscal year 2018 audit fieldwork on or about September 30, 2018.
  • Submit 1 electronic copy and 3 bound copies of the final independent auditor’s report for fiscal year 2018 by December 15, 2018.
  • Work with Society management to set similar schedules for subsequent audit years.

V. Cost Proposal

The auditor shall submit a five year cost proposal for Section IV, Scope of Services. The submission shall be made with the technical proposal.

VI. Selection Criteria

It is the intent of the Society to select a firm that demonstrates clear understanding of the Society’s needs, proposes the best work plan, demonstrates the best relevant experience and most reasonable cost for the project. The following is a list, in random order, of the selection criteria to be used in the selection process.

  • The training, license and experience of the Auditor's personnel as it relates to the proposed work
  • The Auditor's understanding of the project and our organization
  • The Auditor's overall approach (work plan) to the engagement
  • The Auditor's experience in conducting audits of similar nonprofit organizations
  • Nonprofit client references
  • Cost and fee information

VII. Proposal Format

The following proposal format must be used.

Technical Proposal

  • Transmittal letter. The transmittal letter shall be signed by an official authorized to sign for the Auditor and shall contain the audit firm’s name, address, and telephone number.
  • Project approach and schedule. This section should include the firm’s approach to planning the audit, testing internal controls, performing substantive audit procedures, and reporting.
  • Project organization. This section should include responsibilities of the engagement partner, manager, and other audit personnel assigned to the project. Please include resumes.
  • Related experience of the firm. This section should discuss the firm's projects similar to the current project.

Cost proposal

  • Estimated hours by labor category
  • Rate by labor category
  • Total cost

VIII. Proposal Submission

  • Submit an electronic copy of your proposal by 5:00 p.m. on August 15, 2018 to