Assurance services provided by an independent auditor are professional engagements where the auditor examines and analyzes financial or non-financial information to express opinion about the business entity’s compliance with specific requirements and instructions issued by the regulatory authorities. These services help business entities comply with regulations and standards, enhance transparency, and strengthen internal controls.
In a relevant context, the regulatory authorities in the State of Kuwait, i.e., Central Bank of Kuwait (CBK), Capital Markets Authority (CMA), and Insurance Regulatory Unit (IRU), issued circulars, resolutions or clauses in the regulations to the regulated entities such as financial institutions, listed companies, CMA-licensed companies and insurance companies, requiring them to provide independent reports covering the following activities:
