AUDIT SERVICES IN KUWAIT

The Auditor's reports assists shareholders, regulators, lenders, creditors and investors to determine & conclude the financial status of the business entity

Companies Law no. 1 of 2016, requires all types of business entities in the State of Kuwait to keep accounting records, to use International Financial Reporting Standards (IFRS) in preparing and presenting financial information, and to have their financial statements audited by an independent licensed auditor to provide an opinion on them. The auditor's report assists shareholders, regulators, lenders, creditors, and investors in determining and concluding the financial status of the company entity.

What we have to offer in Audit

Audit services are financial analysis & examination provided by Alkhuzam & Co. - an Independent Member of Morison Global. In Kuwait, it is mandatory for all listed companies to publicly disclose their financials, conducted by independent third-party auditors licensed by regulator, including Ministry of Commerce and Industry and Capital Markets Authority (CMA). All companies, whether joint-stock companies or private companies, must prepare audited financial statements approved by an independent auditor in accordance with the provisions of Companies Law no. 1 of 2016 and its amendments with fairness of presenting the financial statements, which is represented in the International Financial Reporting Standards (IFRS).

Financial Statements Audit

At Morison, our audit services go beyond mere compliance to lend credibility to our clients' financial statements. Leveraging our global network, our auditors stay abreast of industry developments and international trends, ensuring a nuanced understanding of both the global marketplace and local standards. Before starting work, the Morison team engages in detailed discussions to deeply understand your business.

Our risk-based audit approach is uniformly applied across our network using the Morison Audit Manual, which adheres to international auditing standards while incorporating specific national requirements from each member firm. We continuously evolve our audit tools to offer comprehensive compliance and advisory services that meet our clients' evolving needs.

Morison's audit methodology focuses on:

• Comprehensive understanding of the audited business from internal and external perspectives.

• Assessment of material misstatement risks and evaluation of control mechanisms.

• Application of appropriate procedures to substantiate significant financial statement assertions.

• Rigorous quality control to ensure audit performance excellence.

With expertise spanning various industries, our audit teams apply specialized skills that contribute to the overall success of your business.

Internal Audit

We provide an independent evaluation and precise assessment of your financial statements, offering stakeholders and business owners the assurance required to make informed business decisions.

External Audit

Our Internal Audit process focuses on the key business areas - operations, risk management & internal controls.

• Internal Audit: full outsourcing

• Internal Audit: co-sourcing

Internal Control Report (ICR)

Risk Management

We identify, assess and mitigate risks, by working closely with your team to assess potential risks and develop proactive strategies to safeguard your business interests & objectives.

We assess or work towards building robust internal control systems to safeguard assets, ensure compliance and encourage operational efficiency.

Corporate Finance

Assurance

We provide an array of expertise to our clients for strategic planning, Mergers & Acquisitions, Financial Restructuring and Capital Raising.

As part of Internal Audit, we will provide the client with an independent & objective assurance report covering areas of Compliance, Risk, Statutory Audit etc.

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Got a Question?

FAQs: Audit

What is the period of External Audit?

External Audit is done annually for all companies as per the regulations of the Ministry of Commerce & Industry and to meet the requirements of Capital Markets Authority (CMA) and Central Bank of Kuwait (CBK), it is done quarterly.

How Alkhuzam Co can help in Risk Management?

Alkhuzam Co assists businesses of all sizes and industries in identifying and controlling risks in order to not only meet legislative requirements, but also to create long-term value through the efficient and effective management of risks. We see it as a challenge to put up a strong risk management system that is in line with your company's economic needs and protects your future success.

What is the Internal Control Review (ICR)?

According to the Committee of Sponsoring Organizations of the tread way commission (COSO), 'Internal Control' is broadly defined as: Internal Control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance.