Ameriabank calls for audit proposals
Media Room
Ameriabank CJSC announces a tender for the selection of audit company in accordance with the terms and conditions contemplated in the bank’s instruction on selection of independent audit company (see Ameriabank CJSC Independent Auditor Instruction at

Proposals are accepted each business day in the period from March 29, 2011, till April 28, 2011, inclusive, from 11.00 a.m. to 3.00 p.m. by Ameriabank CJSC at 9 Gr. Lusavorich Str., Yerevan.
Auditors’ competitive proposals should be submitted in 2 (two) sealed and signed closed packages.
The first package should contain technical proposal of audit services and the second package should contain financial proposal.

The assessment of financial proposals depends on the price of audit services (taxes and other costs included). The technical criteria are as follows:
• Recognition (reputation) of the auditor in the Republic of Armenia and globally
• Previous experience
• Qualification of audit specialists providing the services
• Methods of audit
• Terms of audit review and submission of audit opinion
• Scope of audit

Along with their proposals, all interested candidates should also deliver the charter of the company, audit license and the most recent financial statement approved pursuant to the law.
Expected audit deliverables are:
• Examination of the evidence supporting information and disclosures in the financial statements, on a test basis
• Assessing the accounting principles used in preparation of financial statements, significant estimates made by management, as well as evaluating the overall financial statement presentation
• Ensuring compliance with the requirements of the Armenian legislation, including preparation of audit opinion and audit report (management letter) and assessing accuracy of reports filed with the Central Bank of Armenia

The estimated term for conducting of audit and submission of audit opinion is 90 (ninety) calendar days from the start date.

The management letter should be submitted within 15 (fifteen) calendar days starting from the day when the audit opinion was provided.

The audit should be conducted pursuant to the audit standards prescribed under the Republic of Armenia bylaws and regulations and the International Standards on Auditing issued by the International Federation of Accountants.

The proposals will be summed up on May 2, 2011. The bank’s Board of Directors will assess and sum up the proposals made by the audit organizations, based on which it will determine the price of the services. The results will be further submitted to the Annual General Meeting (AGM) of Shareholders for approval. The AGM resolution on the final results of the tender and awarding the contract to the winner comes into force on the moment of adoption. The bank and the winner enter into audit services agreement within one month following adoption of the resolution.

The contract will be awarded to the company with the highest scores.

The eligibility criteria, scope of audit and other information are detailed in Ameriabank CJSC Instruction on Selection of Independent Auditor. For the soft copy of the instruction please visit For the hard copy visit Ameriabank CJSC at 9 Gr. Lusavorich Str., Yerevan, phone (010) 561111.
Updated 14.03.2014, 16:57
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