Audit and Assurance Services in Kuwait

Audit and Assurance Services

Companies Law No. 1 of 2016, as amended, requires all types of business entities in the State of Kuwait to keep accounting records, implement International Financial Reporting Standards (IFRS) in preparing and presenting their financial information, and have their financial statements audited by an independent licensed auditor to provide an opinion thereon.

The auditor’s work is governed by International Standards on Auditing (ISA) and the relevant local legislations.

The auditor’s opinion is beneficial to the shareholders, regulators, lenders, creditors, and investors, to identify and conclude the financial position of the business entity.

The ISA allows the auditor to provide many other services rather than the audit of financial statements including assurance engagements related to financial and non-financial information according to ISA standards.

The services offered by Baker Tilly in this domain are illustrated below:

Financial Statements Audit

Financial Statements Audit

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AML-CFT Compliance Report Services

AML-CFT Compliance

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Agreed-Upon Procedures Services

Agreed-Upon Procedures

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Client's Funds and Assets Review Report Services

Clients’ Funds and Assets

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Internal Control Review Report Services

Internal Control Review

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Internal Audit Quality Assessment

Internal Audit Quality Assessment

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Custodian's IT Systems Review Report

Custodian’s IT Review

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Loans & Financing Portfolios Review Services

Loan & Financing Review

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Sport Entities Investment Controls Review Services

Sport Ent. Utilization Control

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Attestation of Financial Information Services

Attestation

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Capital Adequacy Reports Services

Capital Adequacy Reporting

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Assets Valuation Regarding Bonds and Sukuk Services

Assets Valuation for Bonds Sukuk

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Preferred Shares Classification Support Report Services

Preferred Shares Classification

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Capital Amendment Reports Services

Capital Amendment

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