External 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.
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.
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.
Our Internal Audit process focuses on key business areas – operations, risk management and internal controls.
We identify, assess and mitigate risks, by working closely with your team to assess potential risks & 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.
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, 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 with fairness of presenting the financial statements, which is represented in the International Financial Reporting Standards (IFRS).
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.
Annually for all companies and subject to CMA and CBK
Alkhuzam 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.
According to the Committee of Sponsoring Organizations of the Treadway 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.