Internal auditing is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
(Source: The Institute of Internal Auditors)
The Internal Audit activities are mandatory requirements imposed by the regulatory authorities in the State of Kuwait such as Central Bank of Kuwait (CBK), which supervises banks, finance companies and exchange companies, and Capital Markets Authority (CMA), which supervises business entities like Boursa Kuwait listed companies and licensed companies. This is in addition to other entities that seek to improve their performance and operations.
Added value to business entities from engagement of Internal Audit Services
- Maintain the entity’s financial integrity and safeguard its property and assets, and ensure accuracy of its financial statements and efficiency of its operations;
- Assist with achieving the entity’s objectives as outlined in its strategy and business plans;
- Ensure compliance with regulatory requirements relating to internal audit and internal control systems;
- Attain transparency in dealing with stakeholders and enhance confidence in the entity;
- Minimize risks and threats through an effective system for risk assessment and management; and
- Assist with cost savings and increasing performance efficiency.
Services provided by Baker Tilly
- Co-sourced Internal Audit Consulting for business entities regulated by Central Bank of Kuwait such as banks, finance companies and exchange companies.
(Reference: Central Bank of Kuwait instructions on internal control systems)
- Co-sourced Internal Audit Consulting for business entities regulated by Capital Markets Authority such as Boursa Kuwait listed companies and unlisted licensed companies.
(Reference: Capital Markets Authority, Decision No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Book XV: Corporate Governance, Chapter 6, Article 6.6 to 6.8)
- Outsourced Internal Audit Consulting for All other business entities not supervised by the regulatory authorities.