Frequently Asked Questions (FAQ)

RFPAudit.com is driven to provide you with a knowledge base full of information regarding the Request for Proposal process. It is our goal to provide both the CPA firm and the requestor of the proposal with as much information as possible, in order to obtain the best possible result. Here are some frequently asked questions regarding the process:

  1. What is an audit?
  2. What is an RFP and how does "the process" work with Audits?
  3. How can RFPAudit.com help you with the RFP Process?
  4. How do I know that I'm going to get a quality audit from the CPA Firms even if I get a lower price?
  5. Where can I find a template to supply to potential CPA Firms?
  6. What types of questions should I look to ask when evaluating a CPA Firm?
  7. What types of questions should I expect to ask when a CPA Firm evaluates me?
  8. Where can I find further Links to guide me through the RFP Process?

1. What is an audit?
An audit is a service that is performed by a Certified Public Accountant (CPA) to obtain a high level of assurance (although not absolute) about whether an organization's financial statements are free of material missatement, thereby enabling the auditor to express an opinion on whether the financial statements are fairly presented.

2. What is an RFP and how does "the process" work with Audits?
The Audit Committee/Board of Directors of a company is mandated to maintain certain levels of independent audit and attestation services of financial information. These financial services can range from compilations to audits. The difference between these services depend on the level assurance the company wants to attain from CPA Firms. The CPA firms will then supply the Audit Committee/Board of Directors with their proposals, which includes credentials and estimates. Once this is complete on average a face to face proposal will take place. Thereafter, the Audit Committee/Board of Directors selects the appropriate CPA firm for their specified need.

3. How can RFPAudit.com help you with the RFP Process?
Currently, companies request quotes for assurance and attestation services from multiple accounting firms. However, this time consuming process is a strain on an organizations time and resources. Most organizations don't have the time or resources to approach more than 3-5 potential firms, thus limiting the market for the services the organization may need. RFPAudit.com provides the platform for any organization to become educated with the process, as well as request preliminary quotes. (Note: Follow-up discussions between the organization and the CPA firm will follow the traditional process of selecting audit firms.)

4. How do I know that I'm going to get a quality audit from the CPA Firms even if I get a lower price?
All audits and attestation services must follow Generally Accepted Auditing Standards (GAAS) and Statements on Standards for Accounting and Review Services (SSARS). Simply put, every audit and attestation completed must be performed with the same professional due care by a CPA regardless of the CPA Firm. We have hand selected every CPA Firm on our reply list to make sure, to the best of our knowledge, that these CPA Firms are fully licensed and practicing according to the regulated standards of practice.

5. Where can I find a template to supply to potential CPA Firms?
Please see this template.

6. What types of questions should I look to ask when evaluating a CPA Firm?
You can find additional questions here.

7. What types of questions should I expect to ask when a CPA Firm evaluates me?
You can find additional questions here.

8. Where can I find further Links to guide me through the RFP Process?
You can find additional links here.