Request for Proposals Saskatchewan Real Estate Commission Brokerage Compliance Audit Project January 11, 2016

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Ellen Lee
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1 Request for Proposals Saskatchewan Real Estate Commission Brokerage Compliance Audit Project January 11, 2016 Bus Fax Toll Free Website:

2 The Saskatchewan Real Estate Commission Overview The Saskatchewan Real Estate Commission (the Commission), is an incorporated body created in 1988 and registered under The Real Estate Act, SS 1995, c R-1.3. The Commission is not an agent of the Crown and its powers granted by The Real Estate Act are to be exercised in its own right only. The Commission is charged with the responsibility of overseeing registration requirements for all real estate and property management brokerages, brokers, associate brokers, branch managers and salespeople. To maintain high professional standards, the Commission ensures that all mandatory educational requirements are met; this is accomplished through the development of effective up-to-date preregistration courses and continuing professional development (CPD) for all registrants. The Commission is also charged with auditing brokerage trust accounts for financial and legislative compliance. Mission Statement "To protect the public by ensuring that registrants act within a professional framework that promotes ethical conduct and integrity and strengthens consumer trust and confidence." Vision and Values "To have earned consumer confidence and be recognized as a highly professional, selfregulating organization that is effective and efficient in establishing and maintaining high standards of practice in the real estate profession." In achieving its mission, the Commission will be guided by these key values: consultative relationships with industry and public open, honest communications effective, efficient and responsive service to the industry professional and consumer quality professional practice continued professional development integrity in service delivery. 2

3 Philosophy and Goals Philosophy to regulate in a responsible, cost-effective manner to enhance the professionalism of the real estate industry to protect consumers through effective investigations and conduct proceedings. Goals to stay in tune with industry, consumers and the government the Commission will be an open organization that is open to public scrutiny. Project Overview The Commission is interested in contracting an independent, experienced third-party person, persons, or organization for the purposes of performing regular, detailed brokerage compliance audits. Currently, the Commission works with a financial audit partner to provide some of the required brokerage audit tasks and completes other tasks in-house through our Legal & Compliance department. In order to facilitate our mandates to the public and the industry, the Commission wishes to engage the services of an external party to perform brokerage compliance audits independent of itself (the proponent ). The proponent will be able to provide timely, efficient and cost-effective audit services as outlined. Scope of Services and Deliverables Scope of Work The Commission has contracted with its financial audit partner to audit 49 brokerages in the Commission s fiscal year (July 1, 2015 June 30, 2016). When it performs the financial audit, the Commission s partner requests a number of real estate and/or property management transaction files from the brokerage. The number of files requested depends on the volume of transactions for the audited time period. 3

4 In the fiscal year, 50 brokerages were audited and 297 transaction files were reviewed for compliance: 253 real estate transaction files, and 44 property management files. The number of transaction files included in the project cannot be determined at this time. The Commission is seeking a partner to perform the compliance transaction audits for the fiscal year. This involves a detailed review of each transaction file provided by a brokerage for compliance with the legislation (The Real Estate Act, The Real Estate Regulations, and the Saskatchewan Real Estate Commission Bylaws, available under the Our Legislation tab on and the preparation of a report for each brokerage outlining any deficiencies noted. The Legal & Compliance Department has prepared checklists for each transaction type to assist with the reviews, as well as a template report with draft wording for common deficiencies. These will be provided to the proponent. The Legal & Compliance Department will be available for ongoing support. The scope of work for this project includes the review of transaction files and development of a comprehensive audit report for each brokerage under audit. The process is as follows: The Commission receives the files for audit in batches of varying size, from two to fifteen brokerages at a time, from its financial audit partner. The Legal & Compliance Department reviews the financial audit reports and sends the results to the brokerage. The transaction files, including the financial audit report, will then be provided to the proponent for review. The Commission expects to receive completed compliance audit reports from the proponent within four to six weeks of receipt. The Legal & Compliance Department will then review the compliance audit reports and send the results to the brokerages. Deliverables The Commission expects to receive a completed compliance audit report (following the template provided and in readable electronic format), for each brokerage audited. The completed audit reports and any review worksheets must be submitted within four to six weeks of provision of the transaction files to the proponent. 4

5 Project Timeline The project will begin upon project award in February 2016 (exact date to be determined), and will be complete in approximately September 2016 when the final compliance audit reports are received by the Commission. To date, the Commission has received 16 audit files from its financial audit partner for the fiscal year, 13 of which have transactions to be reviewed, for a total of 67 transactions. In , the final batch of transaction files was received by the Commission from its financial audit partner on July 22, Similar timelines are to be expected for the Brokerage Compliance Audit Project Mandatory Requirements The successful proponent will be required to work with electronic files and to prepare electronic documents as deliverables. Therefore, the proponent must, at minimum, have the following capabilities/software/skills/resources: Office software and capabilities, including word processing, pdf reading, spreadsheet operations, etc. as required by the project. Self-sustained personal office. The Commission cannot supply office space for the delivery of this project. Electronic communication capability ( , phone, fax). Budget/Pricing Proponent submissions should include a detailed price breakdown for services with a lump sum cost estimate. Payment schedule and manner will be negotiated upon project award. Selection Criteria Proposals will be evaluated based on proponent expertise, ability to meet the requirements of the project, and price. 5

6 Submission Guidelines Format Proposals will include: Proponent experience, expertise, capabilities and skills in relation to the project as outlined. This should include a list of similar project experience, with references. Outline of proponent s proposed project delivery, including team biographies, project plan, and lump sum cost estimate with pricing breakdown (fees, associated costs, etc.). Proponent contact information. Proposals must be submitted electronically in readable format to rmckeague@srec.ca by Monday, February 1, 2016 before 4:30pm CST. Proponents may be contacted for a follow-up presentation/interview before the project is awarded. Anticipated award date is February 10,

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