Based on feedback received from multiple CFOs and audit partners who have been on both sides of the equation, the experience with the RFP process is mixed. A well-executed RFP process can greatly enhance a not-for-profit entity’s (NFP’s) ability to identify and engage an audit firm ideally suited to its needs while simultaneously helping prospective firms determine whether they are the right fit for the client.
On the other hand, a thoughtless or poorly executed RFP process could end up