News

February 10, 2025

Attn.to:

Audit Companies (“Big Four”)

Invitation for Expression of Interest for External Audit of JSC KDB Bank of Uzbekistan

The Management Board of KDB Bank Uzbekistan JSC invites Expression of Interest (EOI) from Your reputed company, to undertake the work of Interim Review and External audit (Statutory Audit) of the bank’s financial statements for the first half and year-end FY2025 respectively.

Based on the EOIs, the audit firms (AFs) shall be short listed and invited to submit technical and financial offer. The process would be quality and cost-based selection method. The firms are expected to include in their EOI the following information with documentary evidence:

1.        Date on constitution of firm and general information about audit services during last three years (clients, annual turnover, etc.);

2.       Details of partners, full time staff indicating the nature of specialization, qualifications and experience considering requirements for the current assignment;

3.       The general experience during last five financial years of the firms, especially in banking audit;

4.       Self-attested ranking of the firm in banking audit market in Uzbekistan;

The firms must satisfy following criteria and in case if failing which they will be summarily disqualified[1]:

·      The applicant is empaneled with the Central Bank of Uzbekistan in the panel of AFs eligible for banking audits;

·      The AF must have at least 2(two) auditors certified by the Central bank of Uzbekistan on banking audit;

·      No partner of the AF or any qualified employee of the firm is related to any member of the Shareholders/ Supervisory Board/ Management Board. Relative or affiliate lines are considered under applicable local law and generally accepted auditing principles;

·      Neither the firm nor its Partners or Associate have any interest in the business of the Bank;

·      From the time of appointment and for one year after (to be counted from the date of issue of final audit report) the AF ceases to be Auditor, no other assignment of any kind following services will be accepted:

-     bookkeeping;

-     financial information/reporting system design and implementation;

-     appraisal or valuation services;

-     actuarial services;

-     internal audit outsourcing services;

-     management functions or human resources-related services;

-     broker, dealer, or investment advisory services;

-     legal services and expert services unrelated to the audit; and

-     any other services that may be determined to be impermissible due to conflict of interest.

·      The audit will not be done by a person who was either an employee in the bank or a partner/employee of the retiring auditor, unless such person is employed with the firm for at least one year;

·      The AF is not one against which disciplinary orders have been issued by the Central Bank of Uzbekistan or local/foreign accounting authorities and these orders are in force.

The EOI should be delivered at the address given below during working hours, on or before February 25, 2025 positively: KDB Bank Uzbekistan JSC, Tashkent, Bukhara st.3. The firm should submit the EOI in an envelope duly sealed and marked clearly “Expression of Interest for External Audit of KDB Bank of Uzbekistan JSC”. Please contact for further details and queries: 78-120-27-37 or send email to: info@kdb.uz.