Auditor General - Request for Proposal - Norquest College FS Audit RFP

Scope of services Background NorQuest College is a publicly funded, post-secondary institution that operates under the Post-secondary Learning Act of Alberta. It offers diplomas and certificates related to the work-relevant educational programs as well as continuing education programs and activities. The link to the additional information: https://www.NorQuest.ca/about-us.aspx Entities consolidated into accounts of NorQuest College may require separate audit opinions. The Auditor General is not the statutory auditor of the entities, and the college appoints any auditor required. As a result, any separate audit opinions on these entities are not included in the scope of services of this RFP. Key Timelines The Agent will need to be available to provide services as outlined in section 3.3 with the timelines as follows: • For the next four fiscal years ending March 31, 2025; March 31, 2026, March 31, 2027, and March 31, 2028: ? Preparation and presentation of the audit plan with the Oversight Leader to the audit committee – September to November. ? Interim audit work – between October and March. ? Year-end filed work must be completed by mid-May. ? Audit exit conference document must be prepared for discussion with management in mid-May, with the audit committee taking place at the end of May. ? Issue an auditor’s report to the Auditor General on NorQuest’s Board of Governors approval of the consolidated financial statements. The Auditor General will subsequently issue his Auditor’s report to NorQuest College along with any management letter comments typically by end of June. ? Examination of the college’s annual report for consistency with the audited consolidated financial statements – before end of September. The ability to staff the audit to meet these key deadlines will be essential to maintaining a good working relationship with the NorQuest College and meeting the Auditor General’s expectation. 3.3 The Auditor General requires the assistance of the service provider – an Agent - to perform audit work to enable the Auditor General to issue an auditor’s report on the financial statements of NorQuest College. Post-secondary institutions (PSIs) must prepare their financial reporting in accordance with Canadian public sector accounting standards. In addition, as the financial results of the college are included in the consolidated financial statements of the Government of Alberta, the Controller of the Government of Alberta issues a pro-forma financial statement template for all PSIs to follow. This template ensures consistency of reporting and disclosures by all PSIs and adherence to any specific Government of Alberta financial reporting requirements, such as salary and benefit disclosures. We strongly encourage proponents to examine the financial statements in the college’s annual report to understand the required reporting and disclosure. Proponents shall familiarize themselves with the accounting policies in the financial statements of NorQuest College and identify in their response any areas where they disagree with such accounting policies. The Agent must complete the audit of the financial statements in accordance with Canadian generally accepted auditing standards. The Agent’s audit opinion to the Auditor General of Alberta cannot be provided to or discussed with the auditee or in any way made public. While the Auditor General permits the Proponent to follow the proponent’s own methodology and apply the proponent’s own interpretations of accounting and auditing standards for purposes of the Proponent’s own audit report, the Proponent must perform any and all additional work necessary - in accordance with the auditor general’s direction - to support the auditor’s report to be issued by the auditor general according to the auditor general’s interpretations of accounting and auditing standards.