The organizational and regulatory authorities, including Ministry of Commerce & Industry, Capital Markets Authority and Central Bank of Kuwait, require all business entities to provide them with audited annual financial statements.
Further, such organizational and regulatory bodies require the business entities to apply the International Financial Reporting Standards (IFRSs) in preparing the financial statements. In addition, they require the independent auditors including the certified accounting or audit firms in the State of Kuwait to follow the International Standards on Auditing (ISA) when auditing or reviewing the financial statements of business entities.
The preparation and audit of financial statements should be conducted in accordance with the legislative requirements and regulatory rules of the Ministry of Commerce & Industry including but not limited to Companies Law No. (1) of 2016 and its Executive Regulations, and the resolutions and instructions issued by the regulators in the State of Kuwait, i.e. Ministry of Commerce & Industry, Capital Markets Authority and Central Bank of Kuwait.
In the State of Kuwait, there is a public benefit society representing the accounting and audit profession, i.e. Kuwait Accountants and Auditors Association, which aims at organizing its members’ affairs including auditors and accountants and developing the profession according to the best international practices.
Baker Tilly in the State of Kuwait is one of the world’s big 10 audit firms and registered with Ministry of Commerce & Industry, Capital Markets Authority and Central Bank of Kuwait. Baker Tilly has two licensed chartered auditors who are accredited with the regulators, namely:
- Dr. Saud Al-Humaidi, Auditor License No. 51, Class A
- Mohamed Hamed Al-Sultan, Auditor License No. 100, Class A
It is worth mentioning that Baker Tilly provides audit services to all large, medium and small sized business operating in all economic sectors in the State of Kuwait.
Added value to business entities from Audit of Financial Statements
- Ensure soundness and integrity of financial statements and information promoting the entity’s reputation and avoiding associated risks.
- Promote confidence in the financial statements and financial or non-financial information, which helps shareholders and stakeholders (investors, regulatory authorities such as Central Bank of Kuwait, Capital Markets Authority or Ministry of Commerce & Industry and other parties such as banks, credit rating agencies, finance companies, customers, etc.) make informed decisions as appropriate.
Services offered by Baker Tilly
Audit of annual and interim financial statements and issuance of the independent auditor’s report.