Call for External Audit Services

RFP No.: ICARE-FR2/029/AM/25

ICARE Foundation hereby announces a tender for “Expenditure Verification services of the project
financed by the Austrian Development Agency (ADA)” within the scope and for the “Fruit
Production Sector Development Project in Armenia (FRUITENIA)” funded by the Austrian
Development Cooperation (ADC) and implemented by ICARE Foundation.

The deadline for the submission of bids is 19 December 2025, 14:00 Yerevan time. All
companies who submitted bids will be contacted, with requests for additional information and
details if necessary.

The selection criteria for candidates will be related to experience and price offer.
How to Apply:
The submission letter should include:
 Description of planned audit implementation
 Schedule of activities
 Expenditure Verification service provider’s fees
 Expenditure Verification service provider’s CVs and/or company profile

The bidding submission package together with the List of audited projects/companies/clients
should be sent to the following address: 1, 12th Alley, 5th Street, Proshyan, Kotayk Marz, 2413,
Armenia for the attention of Director Arthur Grigoryan

Download the bidding submission form.           

Download the ToR for Expenditure Verification, FRUITENIA 2_03.12.2025.

Contract:
Before carrying out the audit, a contract (based on this ToR) is to be signed between
“International Center for Agribusiness Research and Education” Foundation and the
respective auditing company. * Selection of the external auditor will be agreed in advance
with ADA or the responsible Coordination Office prior to engagement of the auditor.

The audit contract shall be drafted by the auditor and shall:
 Be written in English
 Include these ToR as an annex and integral part of the contract
 Contain a confirmation that the Expenditure Verification service provider has read
ADA’s General Terms and Conditions of the Austrian Development Agency’s grant
Agreement for Support in the Field of Development Cooperation, especially chapter
4.6 of the General Conditions.
 Contain a schedule for the Expenditure Verification process.

Required Expertise
The minimum requirement for the Expenditure Verification service provider are as follows:
 The Expenditure Verification service provider needs to be an audit company registered in
Armenia or Austria and must comply with the ISAs (International Standards on Auditing)
and be a member of IFAC (International Federation of Accountants).
 The Expenditure verification service provider is a member of a national accounting or
auditing body or institution. Although this organization is not a member of the IFAC, the
The auditor commits himself/herself to undertake this Engagement in accordance with the
IFAC standards and ethics.
 The Expenditure Verification service provider is registered as a statutory auditor in the
public register of a public oversight body in an EU member state in accordance with the
principles of public oversight set out in Directive 2006/43/EC of the European Parliament
and of the Council (this applies to auditors and audit firms based in an EU member state).
 The Expenditure Verification service provider is registered as a statutory auditor in the
public register of a public oversight body in a third country, and this register is subject to
principles of public oversight as set out in the legislation of the country concerned (this
applies to auditors and audit firms based in a third country).
 The Expenditure Verification service provider must have at least 3 years of experience in
expenditure verification of similar projects financed by international donors.
 The Expenditure Verification service provider must be completely impartial and
independent from all aspects of management or financial interests in the entity being
audited.
 The Expenditure Verification service provider must not have been involved in the
operation’s accounting or have any financial or close business relationships with any
senior participant in the management of the entity.
 The Expenditure Verification service provider must not personally be connected in any
way with the senior management of the organization being audited. The auditor is
required to disclose any relationship that might possibly compromise his/her
independence.