2831 - External Audit and Chief Safety Risk Officer (CSRO)

All documents related to this procurement are available on TSSA's Bonfire Portal which can be accessed at the following link: https://tssa.bonfirehub.ca/opportunities/77552. This portal will also be used for proposal submission. 


Background

The Technical Standard and Safety Authority’s (TSSA’s) fiscal year runs from May 1 to April 30.  The scope of audit includes providing an opinion on whether TSSA’s corporate financial statements and its employee Registered Pension Plan financial statements have been prepared per the Canadian accounting standards for not-for-profit organizations (ASNPO) and Canadian accounting standards for pension plans, respectively. In relation to the above-noted financial statements, TSSA intends to retain a firm to provide external audit services and quality improvement suggestions to its management team relative to its financial reporting and related internal controls based on the external audit results.

The firm will also fulfil the role of the Chief Safety and Risk Officer (CSRO) as defined by the section 3.11 of the Technical Standards and Safety Act, 2000 (the Act) and as further set out in section 12 of TSSA’s Memorandum of Understanding (MOU) with its parent ministry the Ministry of Public and Business Service Delivery (MPBSD). As such, the firm will independently review TSSA’s administration of its the public safety responsibilities and report its findings to the Board of Directors through its Safety and Regulatory Affairs Committee. The primary focus of this work will be to assess the reliability and completeness of select data disclosures contained in the annual Public Safety Report issued by TSSA.

The term of the Agreement for both the External Auditors and the CSRO must be at least 3 and up to 5 years from the effective date. The performance of the External Auditors is reviewed annually by the Audit Finance and Risk Committee (AFRC) of TSSA’s Board of Directors, and subsequent annual reappointment is made based on the recommendation of the AFRC and Board of Directors. The maximum term for the External Audit scope under this agreement is expected to be for a maximum term of up to ten (10) years. The CSRO portion of the scope may only be renewed upon reappointment of the CSRO by TSSA’s oversight minister.

Services to be provided will be based on the following:

• TSSA having a year-end of April 30;
• Registered Pension Plan for Employees of TSSA having a year-end of December 31
• Conduct independent review of selected data disclosures in TSSA’s Public Safety Report  and provide a report on the results thereof by the date of the corporation’s Annual General Meeting; and
• Prepare an annual report on the activities of the CSRO and review the status of past recommendations made by the CSRO.