Internal Audit Services

London Hydro is soliciting proposals under RFP T2026-N-22 for a fully outsourced Internal Audit function, including the Chief Audit Executive role and risk-based planning. The contract is scheduled to commence in January 2027 for an initial three-year term, with two optional one-year renewals at the discretion of London Hydro. The selected professional firm will be responsible for executing an approved Internal Audit Plan, conducting ad hoc audits and special investigations, performing annual enterprise-wide risk assessments, and reporting to the Audit Committee. All services must comply with the Global Internal Audit Standards issued by the Institute of Internal Auditors, Ontario legislation, and Ontario Energy Board requirements. The procurement process utilizes a three-phase evaluation consisting of mandatory requirements, a technical evaluation weighted at 60 percent, and a pricing evaluation weighted at 40 percent. To advance to the pricing phase, proponents must achieve a minimum technical score of 40 out of 60 points. The resulting agreement will be based on a Master Services Agreement governed by the laws of Ontario, Canada. Key contractual requirements include a 12-month non-solicitation period, strict data residency requirements ensuring grid data is stored within Canada, and compliance with the Municipal Freedom of Information and Protection of Privacy Act. Pricing is structured as an annual fixed fee for the Core Program, which includes four planned assurance engagements per year, with a separate annual cap of 10,000 dollars for reimbursable expenses.