HERE AND BEYOND
Competition for selection of Ameriabank CJSC external audit company
Media Room

 Ameriabank CJSC is holding a tender for selection of independent auditor (hereinafter “the Tender”). The tender shall be organized in accordance with the terms and procedure defined by the Bank’s Instruction on Selection of Independent Auditor. (The Instruction is available at www.ameriabank.am.)

Bids will be accepted at Ameriabank CJSC, at 2 V. Sargsyan St., Yerevan, from February 25, 2022 until March 25, 2022 inclusive, every working day, from 11:00 a.m. to 03:00 p.m.

Bids should contain 2 (two) parts and be submitted in glued, signed and stamped envelope.

The first part should contain technical proposal and the second part - financial proposal.

Financial criterion for assessment of bids is the offered price of audit services, which should be cited in Armenian drams and should include all applicable taxes and charges. Technical assessment criteria are as follows:

  • recognition (reputation) of the audit company in Armenia and on the international arena
  • expertise of the company in the sphere
  • qualifications of the audit team
  • methods to be used in the process of audit
  • offered term for completion of audit and provision of report
  • scope of audit

 

Interested candidates should also provide their charter, audit license and most recent financial statements approved in accordance with the procedure envisaged under the applicable law.

The scope of audit should include:

  • test-based review of information and findings reflected in financial statements
  • review of accounting principles, essential estimates of management and manner of submission of financial statements
  • provision of audit conclusion and report (management letter)

 

Bids should be submitted separately for each of the following periods:

  • year 2022
  • 2022 and 2023
  • 2022-2024

 

The scope of audit should cover the following: balance sheet of the Bank, financial performance in the reporting period, equity and cash flow statements, and notes to financial statements.

The signed audit report for each year, along with the audited and signed financial statements, should be submitted to the Bank’s authorized body for approval no later than by March 1 of the year following the reporting year. 

The signed management letter should be submitted to the authorized body for review no later than by March 10 of the year following the reporting year. 

Audit should be conducted in accordance with audit standards defined under the legislation of Armenia and International Standards on Auditing issued by the International Federation of Accountants.

The Tender results will be summarized and approved by July 15, 2022. The Board of Directors should review and evaluate bids, approve the audit price and submit it along with bids to the General Meeting of Shareholders for approval. The resolution of the General Meeting of Shareholders on awarding the contract becomes effective from the moment of adoption. Within 1 month after awarding of the contract, the Bank and the winning company enter into an agreement on provision of audit services.

Contract is awarded to the bidder scoring the highest in evaluation.

Further additional stage(s) of the Tender may be held to obtain the best price quotation or other essential terms from audit companies participating in the Tender.

Other terms of the Tender, selection criteria, scope of the audit and other details are defined in Ameriabank CJSC’s Instruction on Selection of Independent Auditor. The Instruction is available at www.ameriabank.am and a copy thereof can be obtained from Ameriabank CJSC’s Head Office (2 Vazgen Sargsyan St., Yerevan), phone: (010 561111).

 

The Bank is supervised by the Central Bank of Armenia.

Updated 25.01.2022, 13:54
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