In certain cases, business entities require an attestation by an independent auditor on specific data or information (financial or non-financial) related to a defined subject matter, based on a request from a related party to the business entity.
The purpose of this attestation is to verify the accuracy, completeness, and reliability of the information under examination, thereby enhancing confidence and providing assurance to the related party regarding the credibility of the data presented by the business entity.
What is the definition of Attestation Engagements?
The American Institute of Certified Public Accountants (AICPA) defines 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 in accordance with attestation standards, where an auditor is engaged to provide assurance on financial or non-financial data or information based on pre-defined criteria, while another party holds responsibility for preparing the subject matter and report.
Examples of subject matters covered by attestation engagements include:
- Reports on the historical data of loans granted to customers, which are submitted to the Central Bank of Kuwait.
- Reports on the historical data of loans granted to employees, which are submitted to the Central Bank of Kuwait.
- Reports on the historical data of insurance policies issued by insurance companies operating in the State of Kuwait, which are submitted to the Ministry of Commerce and Industry.
Which authorities require business entities to submit attestation reports?
Ministries, governmental authorities, and regulatory bodies in the State of Kuwait—such as the Central Bank of Kuwait, the Capital Markets Authority, and the Ministry of Commerce and Industry—require such reports from business entities to verify the accuracy and reliability of financial or non-financial data before issuing the necessary licenses or regulatory approvals.
What is the added value of attestation services for business entities?
- Exercising all rights granted to business entities under the laws and regulations governing business licenses.
- Strengthening stakeholder confidence in the integrity of the reports submitted by business entities.
What are the services provided by Baker Tilly Kuwait?
Preparation of the Attestation Report by the Independent Auditor regarding the subject matter of the information or data being attested.
Why Baker Tilly?
- Recognized Professional Expertise: Baker Tilly Kuwait is a member firm of the Baker Tilly International network, one of the top 10 accounting networks worldwide.
- Official Accreditation: Our auditors are licensed by the Ministry of Commerce and Industry and registered with the Central Bank of Kuwait, the Capital Markets Authority, and the Insurance Regulatory Unit.
- Competence and Independence: We adhere to impartiality and objectivity in performing our engagements, in accordance with the highest international auditing and attestation standards.
- Timeliness and Accuracy: Our reports are prepared in accordance with defined professional frameworks and delivered to the relevant authorities within the required deadlines.