External Audit Services

Company Description: The Real Estate Institute of Canada (REIC) | Institut canadien de l'immeuble (ICI) is a not-for-profit membership organization focused on advancing education and professionalism in the real estate industry. Through specialized courses and designation programs, REIC supports the development of skilled real estate professionals and business leaders across Canada. The Institute is committed to the highest professional and ethical standards, helping members elevate their expertise and credibility. Since 1955, REIC has been educating and designating real estate specialists.

Introduction: The Real Estate Institute of Canada invites qualified public accounting firms to submit proposals to provide independent external audit services. The purpose of this RFP is to identify an audit partner that can deliver high-quality, risk-focused audit services, provide strategic insights, and support our governance and compliance objectives.

Organization Overview:

• Company Name: Real Estate Institute of Canada (REIC) | Institut canadien de l'immeuble (ICI)
• Industry: Not-for-profit
• Headquarters: Mississauga, ON
• Annual Revenue: 2.5M
• Fiscal Year-End: 2026
• Operations: Real Estate Institute of Canada (REIC) began operations in 1955 and was incorporated under the Canada Corporations Act - Part II on November 21, 1974 and subsequently continued under the Canada Not-for-profit Corporations Act on June 24, 2013.

All accounting practices shall comply with Canadian Accounting Standards for Not-for-Profit Organizations (ASNPO).

Scope of Work: The selected firm will be expected to:

Annual Financial Statement Audit

• Audit consolidated financial statements in accordance with applicable standards (ASNPO)
• Issue an independent auditor’s report

Internal Control Assessment

• Evaluate and report on internal controls over financial reporting (ICFR), where required

Regulatory and Compliance Support

• Ensure compliance with applicable laws and regulations
• Assist with regulatory filings where needed

Value-Added Services

• Provide insights on accounting standards updates
• Benchmarking and industry best practices
• Identification of process improvements

Proposal Requirements: Firms must include the following in their submission:

Firm Profile

• Overview of the firm, ownership structure, and global network
• Industry specialization and relevant experience
• Independence confirmation

Engagement Team

• Proposed engagement partner and key team members
• Bios, qualifications, and relevant experience
• Staffing model and continuity approach

Audit Approach & Methodology

• Audit methodology and risk assessment process
• Use of data analytics and technology
• Quality assurance processes
• Approach to materiality and sampling

Transition Plan

• Approach for transitioning from incumbent auditor
• Knowledge transfer plan
• Timeline for first-year audit

Deliverables & Timeline

• Detailed audit timeline and milestones
• Communication plan with management and Audit Committee

Fees & Pricing

• Detailed fee structure for a multi-year engagement (1-2 years)
• Breakdown by service components
• Hourly rates and assumptions

References

• At least three relevant client references
• Contact information and scope of work performed

Evaluation Criteria: Proposals will be evaluated based on:

• Audit quality and methodology
• Industry expertise and experience
• Strength and availability of the engagement team
• Use of technology and innovation
• Transition approach
• Fee competitiveness and transparency
• Cultural fit and communication style

How to Apply:

• Submit proposals electronically in PDF format to HR@reic.ca
• Include all requested information
• Clearly label confidential information

Terms and Conditions

• The Real Estate Institute of Canada reserves the right to accept or reject any proposal
• All costs incurred in preparing the proposal are the responsibility of the bidder
• The selected firm must comply with independence and ethical requirements

Interviews: We will be reviewing RFPs on an ongoing basis and intend to begin requesting interviews the week of July 6th.