Request for Quotations: Independent External Audit Services

Closing Date: 
July 1, 2020

Request for Quotations

Independent External Audit Services 

Request for Quotation (RFQ) No.:

BM-HQ-6-20-A

Issuance date:

Wednesday, June 17, 2020

Closing date:

Wednesday, July 1, 2020

Closing time:

11:59pm Eastern Standard Time / NYC

Method of RFQ submission:

Submit via email to:

Via e-mail

administrator@buildingmarkets.org

Subject line:

Quotation for BM-HQ-6-20-A

Preferred currency of quotation:

United States Dollars (USD)

Tax on price quotation:

Inclusive of all applicable taxes

Period of validity of quotes (starting on the submission date):

30 Days

Mandatory criteria:

Prospective suppliers must confirm that they have the ability to:

  • conduct FY annual independent audits; and
  • conduct independent Special Audits,

for US 501(c)(3) NFP corporations, in accordance with U.S. Generally Accepted Auditing Standards and the International Standards on Auditing of the International Federation of Accountants. 

Evaluation criteria:

 

  • Price (70%)
    • Overall price
      • Annual variance in pricing, if any
      • Fees for time worked, if not included in a lump sum amount 
      • Payment terms
  • Technical (20%)
    • Experience in conducting FY annual independent audits for 501(c)(3) NFP corporations
    • Experience in conducting independent Special Audits for 501(c)(3) NFP corporations
    • Experience in working with 501(c)(3) NFP corporations operating internationally 
    • Qualifications of proposed assigned auditors
  • References (10%)
    • Two client references   

 

Organization Overview

Founded in 2004, Building Markets is an award-winning US 501(c)(3) not-for-profit corporation incorporated in the State of New York (tax ID #98 0575195). It creates jobs and generates economic growth in crisis-affected and frontier markets. It does this by providing a set of mutually reinforcing services, including verification, training, and matchmaking, that connect local small and medium-sized enterprises (SMEs) to supply chains and investments. Through its approach, the organization has built a network of more than 25,000 SMEs, assisted them in winning over $1.3 billion in contracts, and helped to create over 70,000 jobs in countries as diverse as Afghanistan, Haiti, Liberia and Timor-Leste.

Building Markets is headquartered in New York City and currently maintains offices in Myanmar and Turkey. Revenues are derived from a range of governmental, philanthropic and private sector sources. With approximately fifty (50) full- and part-time staff globally, the organization is exploring ways to grow its business model, including through the diversification of funding and exploration of fee-for-service opportunities.

I.      Scope of Services

Background

Building Markets currently has revenues of approximately USD 3 million annually. To date, these have primarily come from bilateral, multilateral and philanthropic donors, including significant funding from the United States Government. Building Markets is exploring both the diversification of funding sources and models, which may include the gradual introduction of a fee-for-service model to supplement key existing funding sources from valued partners. Building Markets aims to grow its annual revenues year on year in a sustained and sustainable manner. 

As a US 501(c)(3) incorporated in the State of New York, and in receipt of United States Government funding above a specific threshold on an annualized basis, Building Markets produces audited financial statement annually and is also subject to regular Special Audits triggered by United States Government funding. Building Markets FY runs from July 1 to June 30. 

The organization has a Board of Directors, supported by a number of Board committees, composed of independent directors. Committees include an Audit Committee. Given its size, Building Markets does not maintain an internal audit function but does have a senior officer responsible for financial administration. 

What We Need 

Building Markets seeks an independent external audit firm to provide audit services encompassing both the audit of annual financial statements and the conduct of Special Audits as required. These services are sought for a period of up to three (3) years, with the appointment renewable annually within that period, on decision of the corporation’s Audit Committee. The successful applicant firm would liaise, as necessary, with the organization’s senior financial officer and CEO as needed, and would report the substance of its work to the Audit Committee. 

 

  II. Selection Criteria

Mandatory Criteria

Prospective suppliers must confirm that they have the ability to:

  • conduct FY annual independent audits; and
  • conduct independent Special Audits,

for US 501(c)(3) NFP corporations, in accordance with U.S. Generally Accepted Auditing Standards and the International Standards on Auditing of the International Federation of Accountants. 

Evaluation Criteria 

The ideal supplier for this work is a firm with extensive experience delivering on the audit needs of smaller US NFP organizations operating internationally and in receipt of United States Government and other similar funding subject to rigorous audit and compliance regimes. A well-established portfolio of similarly positioned client organizations will aid the selection process.

Prospective suppliers will be evaluated according to the following criteria:

  • Price (70%)
    • Overall price
      • Annual variance in pricing, if any
      • Fees for time worked, if not included in a lump sum amount 
      • Payment terms (10%)
  • Technical (20%)
    • Experience in conducting FY annual independent audits for 501(c)(3) NFP corporations
    • Experience in conducting independent Special Audits for 501(c)(3) NFP corporations
    • Experience in working with 501(c)(3) NFP corporations operating internationally 
    • Qualifications of proposed assigned auditors
  • References (10%)
    • Two client references   

 

III.  Terms and Conditions

Building Markets will review all quotations and score them based on the above criteria. A preferred and backup supplier will be identified and submitted to the Audit Committee for final selection. Following Audit Committee review, a contract will be negotiated with the successful supplier. Pursuant to such contract, the supplier agrees to deliver the services for the price quoted. The contract price will thus not be adjusted on the basis of the successful supplier’s actual costs incurred in performing the contract, which means that the supplier assumes the cost risk of contract performance. 

Building Markets is not bound to accept any quotation, nor award a contract, nor be responsible for any costs associated with the preparation and submission of a quotation, regardless of the conduct or outcomes of the selection process.

Building Markets reserves the right to accept or reject any quotations, to render any or all quotations as non-responsive, and to annul the solicitation process and reject all quotations at any time prior to award of contract, without thereby incurring any liability to the affected supplier, or any obligation to inform the affected supplier(s) of the grounds for Building Markets’ action. Building Markets shall not be obliged to award the contract to the lowest price offer; assessments will be made on a value-for-money basis.

Conflict of Interest

Building Markets takes special care to comply transparently and accountably with all applicable domestic, international and donor regulations. 

Any attempts, or suspicion of misconduct, to influence the integrity of the procurement process, whether by Building Markets personnel or outside suppliers, will be investigated to the fullest extent as determined by Building Markets. By submitting your quotation, you accept to immediately declare any potential conflicts of interest, even if cursory or unintentional, upon becoming aware of such, for immediate review by the organization. Failure to declare such conflicts of interest, even if accidental, may result in failed quotations and/or in litigation.

Non-Disclosure Agreement and International Compliance

By submitting your quotation, you agree that in the event of being selected to undertake the services described any team members involved in the development and/or executions of the services are willing to sign a non-disclosure agreement to maintain confidentiality of information provided (except as such confidentiality obligations may be otherwise addressed by applicable regulations or rules governing the accounting and audit professions, as applicable to the service provider). 

You also agree to sign anti-terrorism and anti-fraud declaration forms, and have your name searched against an international database conducting terrorism background checks. There is no additional burden to you as a supplier; only consent is required. 

 

IV.  Submission Instructions 

Prospective suppliers must submit the following documents to expedite the review process:

  • Your Proposal, including:
    • A clear statement of compliance with Mandatory Criteria listed under under Section II hereto.
    • Price quote in United States Dollars (USD), inclusive of applicable taxes.
    • Technical components specifically addressing the requirements listed under Sections I and II hereto.  
    • NOTE - The complete submission should be a maximum of five (5) pages in length, with text in 12 point font. 
  • Link to portfolio of previous similar work.
  • Two past client references, including the client organization, preferred contact information, and a brief description of comparable services provided.

Please send your quotation to administrator@buildingmarkets.org with the subject line: “Quotation for BM-HQ-6-20-A” no later than Wednesday, July 1, 2020(11:59pm EST/NYC time).