The attached request for proposals (RFP) serves as an invitation for prospective service providers, outlining a company's aim to establish either a co-sourced or fully outsourced internal audit function. This comprehensive document details the expectations for bidders, emphasizing the development and execution of a multiyear internal audit and compliance plan tailored to the organization's unique needs. It guides potential service providers through the proposal submission process, from expressing intent to bid through proposal evaluations, and possibly oral presentations, ultimately leading to the selection of the most suitable provider. By utilizing this RFP, companies can gain valuable insights into structuring their own requests for similar services, ensuring clarity and focus in their objectives.

Beyond the procedural elements, the RFP provides a thorough overview of the company’s operations, financial standing and IT environment, highlighting critical areas that require attention, such as Sarbanes-Oxley compliance and other high-risk domains. Service providers are encouraged to showcase their expertise, resources, methodologies and communication strategies, along with their capabilities in IT auditing and pricing structures that cater specifically to the company’s requirements. The document also outlines submission timelines and underscores the importance of confidentiality regarding any shared financial information. Downloading this tool will not only enhance your understanding of the RFP process but also equip you with the knowledge needed to effectively engage with potential service providers in the internal audit landscape.

Sections in this tool include:

• Information Technology (IT) Audits
• Internal Audit Team
• Startup Assistance and Communication
• References and Pricing