RFP25025001 Financial Statement Audit Services Closed

RFP25025001

Closed at: 2:00p.m., July 02, 2024

Awarded

This bid has been awarded to Grant Thornton LLP.

The BCER is seeking a professional accounting firm to provide external audit services of the BCER’s annual financial statements.

Download RFP25025001 Financial Statement Audit Services Description

Description

The BCER is seeking a professional accounting firm to provide external audit services over the BCER’s annual financial statements for a period of three years, with 2 one-year renewal options at the BCER’s sole discretion on substantially the same terms and conditions. The awarding of a contract resulting from this RFP will be subject to approval by the BCER’s Board of Directors.

Questions and Answers

If you have any questions about this posting, please email procurement@bc-er.ca.

References will be requested from the Preferred Proponent at a future date, proponents should be prepared to provide two references for which the Proponent has provided similar services within the last two years.

The BCER received additional federal pandemic stimulus funding of $25.1 million in fiscal 2022/23 that was utilized to complete additional discretionary reclamation work. The current Orphan Site Restoration Levy is set at $15 million annually to fund discretionary and obligatory spending.

The Orphan Site Reclamation Fund budget and workplan is approved annually by the Board of Directors and is currently set at $15 million (includes obligatory spending which reduces the existing liability and discretionary spending which is expensed in the period incurred). Work is managed by the BCER’s Orphan & Restoration branch (not another organization) which enters into contracts with restoration companies to complete the restoration work. The BCER is responsible for approving and paying invoices.

No senior management (executive level) turn over within the last year or impact to financial reporting controls.

Significant events and associated risks are summarized in the BCER’s 2023/25 – 2026/27 Service Plan.

No impact. (PS3400 was adopted April 1, 2023)

There was one corrected adjusting entry (below materiality).

One observation was identified, and management has implemented system enhancements to resolve this observation.

No other audit findings.

The liability for orphan sites (contaminated sites) are estimated using an internal cost model based on known characteristics of each site. The model is developed by a professionally designated environmental restoration specialist. When site specific assessments of the restoration costs become available, a change in liability estimate is recorded.

Fixed fee quote should be inclusive of any testing/work over financial information as a result of the implementation of the new Financial Accounting system (Microsoft Business Central).

Amendments

There are no Amendments at this time.

Competition ID: RFP25025001

RFP25025001 Financial Statement Audit Services Closed

RFP25025001

Closed at: 2:00p.m., July 02, 2024

Awarded

This bid has been awarded to Grant Thornton LLP.

The BCER is seeking a professional accounting firm to provide external audit services of the BCER’s annual financial statements.

Description

Questions and Answers

Is the requirement to submit references as part of our submission by July 2nd, or will references be requested by BCER at a future date?

How are the costs of the discretionary reclamation approved and managed by BCER each year, specifically does BCER manage the work and approve all invoices or is the reclamation work managed by another government organization and BCER is responsible for paying the invoices?

Has there been any turnover in senior management in the last year? Did any of these changes impact controls related to financial reporting?

Please provide details of any significant change in operations or financial results in the last year that could impact the scope and scale of the audit.

Please provide details of any new accounting policies adopted this year that would impact the scope and scale of the audit.

Please provide a listing of any corrected or uncorrected adjusting entries.

What were the management letter observations identified by the predecessor auditor?

Are you able to share any other audit findings from last year?

Do you use any specialists to calculate the asset retirement obligations and/or the orphaned site liability? Are these internal or external?

Are you expecting a separate quote for the audit of the implementation of Microsoft Dynamics 365 once we are fully aware of the implementation, or for that to be included in the fixed fee?

Amendments