Request For Audit Services Template for the United States

A Request For Audit Services (RFAS) is a formal solicitation document that you use to invite qualified audit firms to submit proposals for conducting your organization's financial, compliance, or operational audits. This document serves as the foundation for a competitive selection process that ensures you engage competent auditors while meeting regulatory requirements and obtaining the best value for audit services.

When do you need this document?

You need an RFAS when your organization requires external audit services, particularly when federal regulations mandate formal procurement processes. Public companies must use this document to comply with Sarbanes-Oxley Act requirements for independent auditor selection. Non-profit organizations and government entities that receive federal funding need an RFAS to meet Single Audit Act compliance requirements. Additionally, you'll need this document when your current audit engagement is ending, when seeking competitive proposals to ensure cost-effectiveness, or when regulatory changes require new audit specifications. Organizations undergoing significant changes, such as mergers or public offerings, also use RFAS documents to establish new audit relationships that meet evolving compliance needs.

Key legal considerations

Your RFAS must include specific clauses to ensure legal compliance and protect your organization's interests. Independence requirements are critical-you must clearly state that audit firms cannot provide certain non-audit services to maintain objectivity under federal regulations. Include detailed scope specifications covering financial statement audits, internal control assessments, and any specialized compliance testing required by your industry. Timeline provisions should account for regulatory filing deadlines and allow sufficient time for thorough audit procedures. Evaluation criteria must be objective and transparent, typically weighing technical qualifications, experience, cost, and approach methodology. Professional liability insurance requirements protect your organization from auditor negligence, while confidentiality clauses safeguard sensitive financial information during the proposal process.

Legal requirements in United States

Under United States law, your RFAS must comply with multiple regulatory frameworks depending on your organization type. The Sarbanes-Oxley Act requires public companies to follow specific auditor independence rules and rotation requirements, which must be reflected in your RFAS terms. Organizations receiving federal funds must structure their RFAS to meet Single Audit Act requirements, including specifications for testing federal award compliance. Your document must reference Generally Accepted Government Auditing Standards (GAGAS) when applicable, ensuring auditors understand yellow book compliance requirements. For public companies, PCAOB standards govern audit quality and must be explicitly required in your RFAS. Securities Exchange Act provisions may apply if your organization files with the SEC, requiring specific audit procedures and reporting standards. State laws may impose additional procurement requirements, particularly for government entities, requiring public notice periods and competitive bidding processes that your RFAS timeline must accommodate.