Business entities need the attestation report by an auditor on data or information related to a specific matter in order to comply with the requirements of regulatory or organizational authorities, carry on certain business activities, obtain a license, and meet other business requirements.
What is the definition of attestation engagements?
The American Institute of Certified Public Accountants defines the attestation engagements – according to the Statement on Standards for Attestation Engagements No. 18 (SSAE 18) – as an examination, review, or agreed-upon procedures engagement performed under the attestation standards related to subject matter or an assertion that is the responsibility of another party. Examples of subject matters covered under the attestation engagements include:
- Reports on historical statements of loans extended to customers, which are submitted to the Central Bank of Kuwait.
- Reports on historical statements of loans extended to employees, which are submitted to the Central Bank of Kuwait.
- Reports on historical statements of insurance policies issued by insurers operating in the State of Kuwait, which are submitted to the Ministry of Commerce & Industry.
Which bodies require business entities to provide attestation reports?
All ministries and other governmental entities require business entities to provide such reports in order to grant them approvals of special purpose transactions where financial information should be attested by an auditor to assure the integrity of such information.
What is the added value to business entities from attestation services?
- Exercise all rights granted to business entities under the legislation and laws governing business licenses; and
- Enhance the stakeholders’ confidence in the integrity of reports provided by business entities.
What are the services offered by Baker Tilly Kuwait?
Independent auditor’s attestation report
Prepare an attestation report on the subject matter of information or statements under attestation
- Financial Statements Audit
- AML-CFT Compliance
- Agreed-Upon Procedures
- Clients’ Funds and Assets
- Internal Control Review
- Internal Audit Quality Assessment
- Custodian’s IT Review
- Loan & Financing Review
- Sport Ent. Utilization Control
- Capital Adequacy
- Assets Valuation for Bonds Sukuk
- Preferred Shares Classification
- Capital Amendment