A health system required assistance in running an RFP process that allowed the Board and management to select the most appropriate audit firm for the annual audit of its financial statements. The primary challenge facing the client was lack of time, as management was stretched too thin and was focused on other projects and ongoing responsibilities.
Warbird first identified the appropriate recipients of the RFP, prepared the questions, distributed them to the recipients, and collected the responses. We then analyzed the responses and prepared a grid presenting them to the client in a well-organized document that highlighted similarities and differences. Finally, Warbird offered its recommendations to management, waited for the Board and management to make their decision, and communicated the decision to those who submitted responses.
The health system received both qualitative and quantitative benefits from this project. Qualitatively, the system was able to select the most appropriate audit firm while investing a minimal amount of time. Quantitatively, the system was able to keep its audit fee flat from the prior year, and, instead of the typical 3–5% annual increase in audit fees, the health system was able to lock in this first year’s fee for five years.