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INVITATION FOR PARTICIPATION IN THE SELECTION TENDER OF AUDIT COMPANY FOR THE AUDIT OF FINANCIAL ECONOMIC ACTIVITY OF THE FUND FOR RURAL ECONOMIC DEVELOPMENT IN ARMENIA

ANNOUNCEMENT

The fund for rural economic development in Armenia (FREDA) announces a tender for selection of independent audit company for the audit of financial-economic activity of the fund for the year 2015 

  1. Period for presenting proposals of participation in tender

 In the period from 23/11/2015 to 04/12/2015, each business day from 9:00 until 18:00

    2.  Period of conducting the tender

From 07/12/2015 to 10/12/2015

  1. Location of conducting the tender and acceptance of proposals

 Saryan 26/3, Yerevan, RA

  1. Criteria determined for candidate companies interested in the audit of financial-economic activity of the fund
  • Experience of at least 5 years of implementation of audit in banks, credit organizations or investment funds. Moreover, the requirement of 5 year audit experience in banks, credit organizations or investment funds does not apply to international audit companies (top 10 profitable audit companies included in the list posted on the http://firm-rangings.vrl-financial-news.com website as well as published in the global accounting newsletter).
  • The auditor in charge of audit company should have a work experience of at least 5 years with financial entities and document (certificate) of graduation of at least of the half of audit and/or international accounting qualification levels (such as AAC,CPA, CASA).
  • The half of employees involved in audit team should have an experience of at least 3 years in audit company and a document (certificate) of graduation of at least of the half of audit and/or international accounting qualification levels (such as AAC, CPA, CASA) or a qualification issued by the Armenian Association of Auditors and Accountants or body authorized by the government of the Republic of Armenia.  
  1. Terms and conditions of participation in tender

The audit company should present the tender proposals in two packages, in English and in Armenian.

  • The package of technical proposal,
  • The package of financial proposal

      In technical package the audit company should present the following:

  • Business reputation and activity in the territory of Republic of Armenia and out of its borders,
  • The list of companies audited within the last 3 years,
  • Experience of auditor in charge of at least 5 years in audit companies and a document (certificate) of graduation of at least of the half of audit and/or international accounting qualification levels (such as AAC, CPA, CASA) or a qualification issued by the Armenian Association of Auditors and Accountants or body authorized by the government of the Republic of Armenia,
  • The half of employees involved in audit team should have an experience of at least 3 years in audit company and a document (certificate) of graduation of at least of the half of audit and/or international accounting qualification levels (such as AAC, CPA, CASA) or a qualification issued by the Armenian Association of Auditors and Accountants or body authorized by the government of the Republic of Armenia,
  • Methods of implementation of audit
  • Deadlines of audit implementation and presentation of conclusion
  • The effectiveness and usefulness of audit implemented in companies which previously had issues with tax, banking and other authorities /the number of won lawsuits in the court and types of problems/.

In financial package the audit company should present the following:

  • The price of audit services including the tax
  • Other expenses
  1. The list of documents to be attached with the presented proposal 
  • The copy of certificate of state registration of moral entities
  • The copy of license of audit activity issued by a body authorized by the government
  • Reference on absence of criteria stipulated in the provision 4 of article 12 of RA law on “Audit activity”
  • The copies of AAC, CPA, CASA accounting qualification certificates of employees participating in audit work

In case of presentation of incomplete package of documents and non-duly presentation of it, the audit company will not be eligible to participate in tender.

  1. The opening of audit proposals and conclusion

The terms and conditions of opening of presented tender proposals and the conclusion of results as well as the date of signing the agreement with the winner are  stipulated in internal legal acts of the Fund.

 

The fund for rural economic development in Armenia (FREDA)

Saryan 26/3, RA, 0002, Yerevan,

Telephone: (+37410) 500-581, 500-582

Fax: (+37410) 500-582

E-mail: info@freda.am

URL:   www.freda.am