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 defined by the Bank’s Instruction on Selection of Independent Auditor (available at www.ameriabank.am).
Bids will be accepted at LegalBoardSecretary@ameriabank.am, in the period from June 15, 2025, until July 15, 2025, inclusive.
In order to be considered under the Tender, audit firms must submit their bids with separate technical and financial proposals for provision of the independent audit service (hereinafter collectively referred to as the “Bid”).
The financial criterion for assessment of the Bids is the quoted price of audit services to be cited in Armenian drams and to include all applicable taxes and other charges. The technical assessment criteria are as follows:
- recognition (reputation) of the audit firm in Armenia and on the international arena
- expertise of the audit firm
- 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 the auditor’s opinion
- scope of the audit
Interested candidates should also provide their charter, audit permit and most recent financial statement approved in accordance with the procedure envisaged under the 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 Lion Finance 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 the accounting principles applied while preparing the financial statements, essential estimates of the Bank’s management and manner of submission of financial statements
- preparation of the auditor’s opinion and audit report (management letter)
Bids should be submitted by audit firms for each of the following periods, accordingly:
- Audit and semi-annual review (only for Group reporting purposes) for FY 2026
- Audit and semi-annual review (only for Group reporting purposes) for FY 2026-2027
- Audit and semi-annual review (only for Group reporting purposes) for FY 2026-2028
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.
Group consolidated reporting deadlines and matter to be considered
In the case of audit of the Group’s reporting package, the signed annual auditor’s opinion, along with the signed audited financial statements, must be submitted to the Group’s auditor and to the Bank’s management in February/March of the year following the reporting financial year. Moreover, the Bank’s auditor must provide the Group’s auditor with a preliminary report/opinion in February of the year following the reporting financial year, regarding the work performed and the material misstatements and deficiencies identified, or the absence thereof.
The deadline for review and provision of the final opinion on the Group’s package of semi-annual statements is early August of the reporting financial year.
Above mentioned deadlines are initial estimates and are subject to change later based on feedback from Group management and the Auditor. Earlier dates may be set based on this feedback.
In the event that the Bank will appoint a different auditor from the Group's, the component auditor is expected to allow the Group auditor access to all relevant audit documentation, and to allocate sufficient time and resources to facilitate this process. Additionally, the component auditor should be prepared to submit supplementary reporting as required by the Group auditor. These arrangements will be subject to further agreement with the Group auditor.
Due to the Group’s status as a publicly traded company, lower materiality threshold could be used during Group reporting.
Bank consolidated deadlines and matters to be considered
In the case of audit of the consolidated financial statements of the Bank and its subsidiaries, the signed annual auditor’s opinion, along with the signed audited financial statements, must be submitted for approval to the Bank’s authorized body no later than March 10 of the year following the reporting financial year. Moreover, the final draft versions of the auditor’s opinion on the financial statements of the Bank and the financial statements must be submitted at least seven days before the date set for signing of the auditor’s opinion.
The signed letter to the Bank’s management must be submitted for review to the competent body no later than March 15 of the financial year following the reporting financial year.
Above mentioned deadlines are initial estimates and could be changed later based on feedback from Bank’s management. Earlier dates may be set based on this feedback.
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 tender results will be summarized by the Board of Directors of the Bank and approved by the General Meeting of Shareholders by August 29, 2025, inclusive. The Board of Directors should evaluate and summarize the bids submitted by audit firms, approve the price quotation and submit them to the General Meeting of Shareholders for approval. The resolution of the General Meeting of Shareholders on summarizing the tender results and awarding the contract becomes effective from the moment of adoption. Within 1 month after the decision date, the Bank and the winning bidder will sign the contract on provision of audit services.
The 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 firms 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 Ameriabank CJSC (2 Vazgen Sargsyan St., Yerevan), phone: (010) 561111.
The Bank is supervised by the Central Bank of Armenia.