Regulatory Alerts2021-12-26
Instructions Concerning External Auditors
The Central Bank of Kuwait mandates that local and foreign bank branches appoint at least two external auditors from separate firms to conduct comprehensive audits on their financial statements. The regulator established specific approval criteria for nominated audit firms, including international membership, banking audit experience, qualified personnel, and quality inspection protocols. Banks must notify the Central Bank of their chosen firms and secure regulatory endorsement prior to final appointment, as required by Law No. 51 of 1994 and subsequent circulars.
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