Ameriabank CJSC (the “Bank”) is holding a tender for selection of independent auditor (the “Tender”). The tender will be organized in accordance with the terms and procedure defined by the Bank’s Instruction on Selection of Independent Auditor (available at www.ameriabank.am).
Bids will be accepted at Ameriabank CJSC, at 2 V. Sargsyan St., Yerevan, in the period from January 15, 2025, until February 14, 2025, inclusive, on every business day, from 11:00 AM to 6:00 PM.
In order to be considered under the tender, the tender bids submitted by audit firms must include 2 (two) packages filed in separate sealed, stamped and signed envelopes, i.e. the technical proposal for the provision of independent audit services, and the financial proposal (hereinafter collectively referred to as the “Bid”).
The financial criterion for the assessment of bids is the quoted price of audit services which should be cited in Armenian drams and include all applicable taxes and charges. Technical assessment criteria are as follows:
- Recognition (reputation) of the audit firm in Armenia and on the international arena
- Expertise of the firm in the sphere
- Qualifications of the audit team providing the services (indicating the qualifications of the key audit team members, including their membership in the Chamber of Auditors and Expert Accountants of Armenia, as well as the qualification level of the more experienced members of the support teams)
- Methods to be used in the process of audit
- Timing for completion of audit and provision of audit report
- Scope of audit
Interested candidates should also provide their charter, audit permit and most recent financial statements approved in accordance with the procedure envisaged under applicable law.
The audit scope covers:
- Annual audit of the consolidated financial statements of the Bank and its two subsidiaries prepared in accordance with IAS and IFRS standards
- Annual audit of the consolidated financial statements of the Bank and its subsidiaries prepared in accordance with IAS, IFRS standards and the methodology of the Bank of Georgia Group PLC (the “Group”)
- Semi-annual review of the consolidated financial statements of the Bank and its subsidiaries prepared in accordance with IAS, IFRS standards and the Group methodology
The scope of services provided and deliverables should cover:
- Review of the evidence supporting the information and disclosures in financial statements
- Review of accounting principles, essential estimates of management and manner of submission of financial statements
- Provision of audit opinion and management letter
Bids should be submitted for each of the following periods:
- Audit of FY2025
- FY2025 semiannual review
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 annual audit report, together with the audited signed financial statements, must be submitted for approval to the Bank’s competent body no later than March 2 of the year following the reporting financial year in the case of an audit of the Group’s package of statements, and no later than March 9 of the year following the reporting financial year in the case of an audit of the consolidated financial statements of the Bank and its subsidiaries.
The signed letter to the Bank’s management must be submitted for review to the competent body no later than March 16 of the year following the reporting financial year.
The deadline for review and provision of the final opinion on the Group’s package of semi-annual statements is August 11 of the reporting financial year.
Audit should be conducted in accordance with audit standards stipulated by the laws of Armenia and International Standards on Auditing issued by the International Federation of Accountants.
The results of the tender will be summarized by the Board of Directors of the Bank and approved by the General Meeting of Shareholders by March 31, 2025. The Board of Directors should review and evaluate bids, approve the price quotation 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 decision date, the Bank and the successful bidder will sign the contract on provision of audit services.
Contract will be 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 and other information are detailed in Ameriabank CJSC Instruction on Selection of Independent Auditor. The Instruction can be found at www.ameriabank.am or requested at the head office of the Bank (2 Vazgen Sargsyan St., Yerevan, Armenia), phone: (010) 561111.
The Bank is supervised by the Central Bank of Armenia.