I have been frequently asked about the difference between the Internal Control and the Internal Audit. The logical approach to this topic starts from the Internal Control, which is defined by several specialist professional institutes such as the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the Institute of Internal Auditors (IIA) and the Read More..
The below article is a representation of the original article published in Zephyr by Bureau van Dijk and hence all credit for this article belongs to them. The article provides a brief about the M&A activities in the Middle East and North Africa (MENA) region in the first quarter of 2017. Baker Tilly Kuwait has Read More..
“I would like to welcome you to my first blog post with Baker Tilly and I hope that the minutes you will spend reading it will add value to you. Like many business and management theorists, I believe that business entities are similar to living organisms when it comes to their life cycles. They are Read More..
In 2010, the first United States federal legislation called Foreign Account Tax Compliance Act (FATCA), was enacted to track the non-US bank accounts and investments (that belong to US persons or companies) outside the United States of America in order to ensure that they settle their tax liabilities. To enforce such Act, the US government Read More..
If a general question is raised to the top management and the board of directors about the role to be played by internal audit in the business entity. Surely, most of the responses will focus on being the defense line that protects the entity’s assets and detect weaknesses in internal control. However, such prevailing view Read More..
The fiscal and monetary policies are critical topic, which a layperson should be aware of and understand their significance, impacts and objects, since such policies generally reflect on the individual’s day-to-day affairs including feeling of price hikes, difficulty in obtaining a loan or imposition of new taxes, etc. The implementation of fiscal and monetary policies Read More..
On July 24th, 2014, the International Accounting Standards Board (IASB) published the final version of IFRS 9 in replacement of the IFRS 39 in terms of the financial instruments. The Standard has a mandatory effective date for annual periods beginning on or after 1 January 2018. However, the Standard is available for early application. The Read More..
Significance of Skepticism in Internal Audit The International Professional Practices Framework (IPPF) includes the Mission Statement, which in turn indicates the role of the internal audit in “enhancing and protecting the corporate value by means of providing assurance, advice and skepticism while taking risks into consideration”. The risk-based skepticism depends on an important principle entitled Read More..
Historical BackgroundMan invented money as the first measure of value and store of wealth; hence money contributed in facilitating trading operations and expanding the volume of trade between dealers both within the same country and among different countries. Money continued to perform as a barter tool till the time it became solely unable to do Read More..
The governments of the State of Kuwait and the USA, on 29 April 2015, signed agreement on improving international tax compliance and application of the Foreign Accounts Tax Compliance Act (FATCA). The agreement stipulates that all financial institutions operating in the State of Kuwait shall comply with the requirements of the report issued by the Read More..
The term “Audit”, with the advancement of knowledge, has become a word that needs definition to understand what it means. Of the most prevalent audit types are financial audit, which is usually called External Audit, and Internal Audit. Financial audit is an important activity used by business entities to express an opinion on the validity Read More..
An invitation from the Public Authority for Housing Welfare (PAHW) in the State of Kuwait has been published in Al Kuwait Al Youm (official gazette), Volume No. 1147 dated 1 September 2013, inviting Baker Tilly Kuwait consortium and other consortiums to participate in the contest to provide consultancy services to develop the tendering documents, and Read More..