the State of Kuwait’s Public Authority for Sport issued Resolution No. 4 of 2022 regarding the Controls for Utilization of State-owned Land and Sports Facilities in the Comprehensive and Specialized Sports Clubs and the Sports Federations, which includes the requirements to prepare assurance report on compliance with the utilization controls with the sports organizations in the State of Kuwait.
What are the types of sports organizations in the State of Kuwait?
The Resolution specified the types of sports organizations in the State of Kuwait as follows:
- Comprehensive Sports Clubs.
- Specialist Sports Clubs.
- Sports Federations.
Why should sports organizations engage an audit firm in respect of compliance with the utilization controls?
As per the said Resolution, a sports organization should engage an accredited audit firm after obtaining the approval of the Public Authority for Sport to examine the records, documents, and movements of the sports organization’s bank accounts pertaining to the financial resources generated from the utilization income to verify spending the same on the stipulated purposes and submit a quarterly report to the Public Authority for Sport.
What is the deadline for submitting the assurance report on compliance with the Utilization Controls in the sports organizations?
The auditor’s report on the inspection and verification results shall be submitted no later than 30 days after the end of the quarterly period inspected.
Is Baker Tilly in the State of Kuwait accredited audit firm?
Yes. Baker Tilly has two licensed chartered auditors who are accredited with the Ministry of Industry and Commerce and the Capital Markets Authority, namely:
- Mohammed Hamed Al-Sultan, Auditor License No. 100, Class A.
- Ali Mohammed Al-Hamad, Auditor License No. 111, Class A.
What is the added value to sports organizations from the engagement of Utilization Controls Services in Kuwait?
- Comply with laws, regulations, resolutions, and instructions issued by Public Authority for Sports.
- Enhance the confidence of investors and all stakeholders in the integrity of sports organizations and the soundness of their financial statements.
What are the Services offered by Baker Tilly Kuwait?
- Preparing the Assurance Report on compliance with the Utilization Controls in the Comprehensive and Specialized Sports Clubs and the Sports Federations.
- Preparing Processes, Policies, and Procedures Manuals for Utilization Controls in the Comprehensive and Specialized Sports Clubs and the Sports Federations.