External ICFR Audit and Internal Monitoring Framework Development PASS - E60ZQ-180001; Stream 6 (Financial and Accounting Services)

PROCUREMENT OVERVIEW:
The Federal Economic Development Agency for Northern Ontario (FedNor) is seeking the services of an independent and qualified accounting or audit firm to conduct an assessment of its Internal Controls over Financial Management (ICFM), specifically focusing on Internal Controls over Financial Reporting (ICFR). The primary objectives are to evaluate the design and operational effectiveness of these controls and to provide actionable recommendations for improvement. Additionally, the firm will be tasked with developing a sustainable, risk-based internal monitoring framework that aligns with the Treasury Board of Canada Secretariat requirements and the COSO Internal Control – Integrated Framework. This initiative aims to enhance FedNor’s financial control environment, support management’s financial reporting obligations, strengthen governance and accountability, and establish a continuous monitoring approach that reduces reliance on external service providers.

ISSUING ORGANIZATION:
Federal Economic Development Agency for Northern Ontario (FedNor)
Location: Sudbury, Ontario, Canada
Primary Contact: Prashad Kandiah
Email: [email protected]

TECHNICAL CAPABILITIES:
Bidders should possess expertise in assessing internal controls, particularly in financial management and reporting. Familiarity with the COSO Internal Control – Integrated Framework and Treasury Board of Canada Secretariat requirements is essential. Knowledge of risk-based monitoring frameworks is also necessary.

PREFERRED QUALIFICATIONS:
While not mandatory, bidders with experience in similar government contracts or those holding relevant certifications may have a competitive advantage. Familiarity with the Canadian financial regulatory environment could also be beneficial.

This summary provides a comprehensive overview of the RFP, highlighting the essential information needed for potential bidders to assess their fit for this opportunity.