Invitation for Expressions of Interest

Contract for Auditing Services for FY2009-FY2012

Background

The Asian Development Bank intends to solicit proposals from qualified international public accounting firms to conduct the audit of the financial statements for the four fiscal years ending 31 December 2009 through 2012 in accordance with auditing standards generally accepted in the United States of America, including issuance of an audit opinion on financial statements for ADB, its Ordinary Capital Resources and Special Fund Resources, its pension-related fund and trust funds under its administration, and to provide other related services, which include attestation of management assertion on internal controls over financial reporting and support for bond offerings.

ADB's financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, except for the Asian Development Fund, which are prepared for the specific purpose of reflecting the sources and applications of member subscriptions. Accounting functions are centralized in the headquarters in Manila, Philippines except for those relating to the Asian Development Bank Institute, which is performed in Tokyo, Japan.

Auditing services are expected to commence on 1 January 2009 until completion of the audit for the year ending 31 December 2012.

Qualifications of External Auditor

Expressions of Interest will only be entertained from firms meeting the following criteria:

  • The firm must have experience in auditing one or more international commercial banks/investment banks with asset size larger than $150 billion or experience auditing one of the international or regional multilateral financial institutions within the last three years.
  • The firm must be a member of a global network, which is coordinated by an entity to share quality standards and has member firms in at least 50 countries, and with a strong presence in Asia.
  • The firm must be able to issue audit certificates for financial statements prepared in conformity with accounting principles generally accepted in the United States of America.
  • The firm must submit its most recent Public Company Accounting Oversight Board inspection report.

Invitation and Deadline for Submission of Expressions of Interest (EOI)

ADB now invites eligible international public accounting firms to express interest in providing the auditing and other related services. The qualified firm will be selected in accordance with a quality-and cost-based selection process. Interested firms should express interest making reference to the criteria through electronic submission no later than 13 June 2008 to mkroll@adb.org and copied to cortega@adb.org. ADB reserves the right to issue a Request for Proposal to qualified firms, whether or not EOI was received.