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REQUEST FOR PROPOSALS EXTERNAL AUDIT SERVICES RFP No. PS20150436 Issue Date: Issued By: #153432v12 Revised by Law (SSD) March 2014 June 25, 2015, City of Vancouver REQUEST FOR PROPOSALS NO. PS20150436

How to fill out external audit services

How to fill out external audit services:

1. Determine the scope of the audit: Before filling out external audit services, it is important to clearly define and understand the areas that need to be audited. This includes identifying the specific processes, systems, and functions that will be subject to the audit.
2. Select an external auditing firm: Finding the right external auditing firm is crucial for a successful audit. Consider factors such as their experience, expertise, reputation, and industry-specific knowledge. Request proposals from multiple firms and evaluate them based on your organization's requirements and budget.
3. Define audit objectives and criteria: Clearly establish the objectives of the audit in terms of what you expect to achieve and what standards or criteria will be used to evaluate your organization's performance. This could include compliance with regulatory requirements, adherence to internal policies, or benchmarking against industry best practices.
4. Provide necessary documentation: The external auditing firm will need access to various documents and records to perform the audit effectively. Compile all relevant financial statements, internal control documentation, relevant policies, procedures, and any other supporting documents that are requested.
5. Facilitate communication: Ensure open and transparent communication between your organization and the external auditors. This includes providing access to key personnel who can provide further insights into the audited processes, as well as responding promptly to queries and requests for additional information.
6. Accommodate the audit process: Allocate appropriate time and resources to facilitate the audit process. This may involve providing workspace for the external auditors, arranging meetings, and coordinating with different departments or business units to gather required information.

Who needs external audit services:

1. Publicly traded companies: External audit services are required by law for publicly traded companies to ensure financial transparency and accuracy in reporting financial statements. These audits are conducted by independent external auditing firms to provide assurance to shareholders and investors.
2. Non-profit organizations: External audit services are often required for non-profit organizations to showcase accountability and demonstrate the proper utilization of funds and resources. These audits help build trust among donors and stakeholders.
3. Government agencies: Government agencies may require external audit services to ensure compliance with regulations, prevent fraud, and maintain transparency in financial transactions. These audits help identify any discrepancies or areas that require improvement within government organizations.
4. Financial institutions: Banks, credit unions, and other financial institutions often require external audit services to validate the accuracy and reliability of financial statements, assess risk management practices, and ensure compliance with regulatory requirements.
5. Small and medium-sized businesses: Although external audit services may not be mandatory for small and medium-sized businesses, they can benefit from these services to enhance financial credibility, identify weaknesses in internal controls, and improve overall operational efficiency.

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What is external audit services?

External audit services are independent examinations of financial statements and processes conducted by a third-party auditor to ensure accuracy and compliance with regulations.

Who is required to file external audit services?

Certain businesses and organizations may be required to file external audit services, depending on regulations and industry requirements.

How to fill out external audit services?

External audit services are typically filled out by a designated auditor who reviews financial documents, processes, and compliance measures.

What is the purpose of external audit services?

The purpose of external audit services is to provide assurance to stakeholders that financial information is accurate and trustworthy.

What information must be reported on external audit services?

Information reported on external audit services typically includes financial statements, findings, recommendations, and compliance status.

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