In the State of Kuwait, consumer and installment loans and financing facilities are extended by banks, investment companies, and finance companies licensed by the Central Bank of Kuwait.
The Central Bank of Kuwait’s instructions require banks, investment companies, and finance companies to engage an audit firm to carry out reviews and checks of all consumer and installment loans/financing extended by them on an ongoing basis on a quarterly basis.
Deadline for Assurance Report submission to Central Bank of Kuwait
Central Bank of Kuwait Circular dated February 14, 2018 sets forth that the auditor’s assurance report on the review findings shall be submitted not later than 45 days from the end of the reporting period.
Audit firm engagement conditions
- The audit firm engaged to conduct the review shall be changed every two years.
- The new audit firm shall not be from among the current external auditors of the bank/ the company or the auditor engaged to conduct an internal control review (ICR).
Added value to business entities from Loans & Financing Portfolios Review
Comply with laws, regulations, resolutions, and instructions issued by the Central Bank of Kuwait.
Services offered by Baker Tilly Kuwait
Auditor’s quarterly assurance report on the review findings of consumer and installment loans/ financing portfolios
(Reference: Central Bank of Kuwait Circular No. 2/105/1561 dated February 14, 2018).