​ 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.

External auditing is one of the financial analysis & examination services provided by Alkhuzam & Co. – Morison Global. 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, Capital markets Authority (CMA) and Central Bank of Kuwait (CBK). 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 and from During the audit procedures, the auditor reaches an opinion on the fairness of presenting the financial statements in accordance with the framework for preparing the financial statements, which is represented in the International Financial Reporting Standards (IFRS).

Period of Audit:   

External Audit is done Annually for all companies as per the regulations of the Ministry of Commerce and Industry and Quarterly to meet the requirements of CMA & CBK.

Final Report:

A standardized report is published in a format required by Auditing Standards, that focuses on whether the financial statements give a true and fair view of the financial position of the entity and whether the entity complies with legal and regulatory requirements.