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Announcement

Public notice

On open tender for independent audit organization conducting external audit


As per point 1 of Clause 58 of the RA "Law on Banks and Banking", RA "Law on Public Negotiations" and requirements of the Procedure of "Selection of independent audit organization by commercial banks, approved by the Law on the territory of the RA", approved through Resolution # 162-Ն of the RA Central Bank Board dated June 29, 2004.
"Converse Bank" CJSC announces an open tender for independent audit organization conducting external audit, hereinafter referred to as "the Tender", for conducting annual financial audit for 2008.
The Tender will be held at 26/1 V. Sargsyan street, Yerevan, RA.
Tender applications should be submitted to "Converse Bank" CJSC by May 30, 2008, 04.00 p.m. to the desk or by post, in sealed envelops in one original form and one copy.
Information and documents submitted for the Tender should be in Armenian, while foreign participants may submit the documents in English. Tender applications should be submitted sealed, stamped and signed by an authorized person, in two envelopes, the first of which should contain proposals regarding technical and the second one  the financial  aspects.
The following information should be available on the envelopes: the address of the place where the application should be submitted, name of the Tender, "Tender conditions" and the notice "Not to be opened until the session of opening the Tender applications", name of the participant, location, telephone number or any other contact information.

Audit organizations are eligible for participation in the tender which match the requirements of the Procedure of "Selection of independent audit organization by commercial banks, approved by the Law on the territory of the RA", approved through Resolution #162-Ն of the RA Central Bank Board dated June 29, 2004.
Tender participants should submit the bellow information:
  • Information on the professional qualification of employees participating in audit and their work experience. At least 30% should possess international qualification and at least 3 years' work experience of conducing audit in Banks.
  • Information on methods, volumes and approximate program of audit as per sample materials.
  • Audit work value including all taxes and duties.
  • Additional information.

Upon necessity, the Tender Communication may require additional information and documents from the participants of the public tender before the date of announcing the winner of the Tender.

Audit should cover the following information:
1. Auditor's report and Management Letter on financial reports of 2008 /pursuant to the RA Accounting Standards and international criteria/
2. Audit of annual financial reports of 2008 should start not later than on December 15.
3. Auditors report on annual financial report of 2008 and, Management Letter should be submitted not later than on March 5 of the year following the reporting year.
4. Auditor's report on annual financial report of 2008 /pursuant to the RA Accounting Standards and international criteria/ and Management Letter should be composed in Armenian and English. Documents in both languages should have equal legal effect.

The audit include at least the following fields:
a/ Information technologies field - current state, faults, specific recommendations as to development
b/ Audit of reliability of reports submitted to the Central Bank of the RA
c/ Analysis of the level of operational risk of the Bank.

The participant will be declared winner which offers the best methodical, technical, financial and organizational conditions for conducting audit.

Tender applications will be opened during the Bank Tender Commission session on May 30, 2008 at 04.00 p. m. at the following address: 26/1 V. Sargsyan street, Yerevan. All sheets of envelops opened during the public Tender must be signed by the Chairman of the Bank Tender Commission.
The agreement with the winner will be signed by June 30, 2008.
In case of amendment of the public notice the Bank is not responsible for actual losses incurred by participants.

For additional information please contact
Internal Supervision Service Head - Z. Rafayelov

"Converse Bank" CJSC
26/1 V. Sargsyan, Yerevan 0010
Telephone: 511 251
Fax: 511 212
E-mail: [email protected]
URL: www.conversebank.am

: 26.05.2008



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