Invitation for Expression of Interest for External Audit of 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 for the first half and year-end FY2024 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 turnover of firm from audit and assurance services during last three years;
2. Details of partners, full time staff indicating the nature of specialization, qualifications and experience considering requirements for the current assignment;
3. The general and overall experience during last five financial years of the firms including experience 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 empanelled with the Central Bank of Uzbekistan in the panel of AFs eligible for banking audits;
· 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 service (including consultancy) will be accepted;
· 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 20, 2024 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.
1 In support of meeting the Minimum Eligibility Criteria, the AF submits documentation as specified below: a) Copies of licenses and certifications of audit experts to be involved in the audit issued by the Central Bank of Uzbekistan and Professional Association of Accountants or other state authorities; b) A declaration signed by an authorized partner of the AF that no partner of the firm has been found guilty of professional/other misconduct by the Code of Conduct of the AF, the Central Bank of Uzbekistan and other Professional Association of Accountants; or is one against whom disciplinary sanction orders have been passed; c) A declaration signed by an authorized partner of the AF verifying that the applicant is independent of the bank to be audited that they have no relationship with the bank to be audited (in particular, the auditor should not be employed by, serve as director for, or have any financial or close business relationship with the bank during the period(s) covered by the audit or immediately thereafter for a period of one year);d) A copy of the AF license for audit activity; e) Additionally, EoIs should provide sufficient information relate to the firm so that the bank may evaluate the auditors’ capabilities and eligibility to undertake the assignment.