Internal Audit Services

The purpose of this RFSA is to select the top ranked Proponent to establish and provide an outsourced Internal Audit function to HFR. Reporting directly to the Chair of the HFR Audit and Risk Committee and administratively to the CEO and CFO (and/or their delegates), the Successful Proponent will enhance the Corporation’s ability to serve the public interest by leveraging their industry expertise and utilizing a systematic, disciplined approach to evaluate and improve without limitation, risk management, internal controls, and governance processes through the delivery of internal audit services. Serving as a trusted advisor to HFR, the Successful Proponent will perform their work to the highest standards of excellence, professional ethics, objectivity and independence, while also demonstrating responsiveness and agility to support the Project’s success. HFR intends to award up to three contracts awarded in December 2024 – one (1) contract for the top ranked Proponent, and up to two contracts (2) for second and third ranked Proponents that can be utilized to mitigate any real or perceived independence/objectivity risks to the internal audit function. For example, a second or third ranked Proponent would, based on the Right of First Refusal, be engaged in an instance where the top ranked Proponent had its own consultants working in areas that were undergoing an internal audit.