On 8 March 2015, the State of Kuwait’s Public Authority for Sport issued the Regulations of Investment Controls in the Comprehensive and Specialized Sports Clubs and the Sports Federations (“the Regulations”), as attached to Resolution No. 143/2015 dated 5 March 2015 issued by the Public Authority for Sport regarding the Investment Controls in Comprehensive and Specialized Sports Clubs and the Sports Federations. The Regulations set forth the requirement to prepare the assurance report on Compliance with the Investment Controls in the sport organizations in the State of Kuwait
What is the objective of establishing the Public Authority for Sport in State of Kuwait?
The Public Authority for Sport was established by Law No. (97) of 2015 dated 5 August 2015. It is a public body with legal personality. It is entrusted with caring for young people affairs, providing them with resources of strength and welfare, developing their moral, mental and technical capabilities and providing the means that ensure bringing up good citizen in terms of religious, social, physical and cultural aspects and strengthening their loyalty to the homeland.
What are the types of sports organizations in the State of Kuwait?
The Regulations specified the types of the sports organizations in the State of Kuwait as follows:
- Comprehensive Sports Clubs.
- Specialist Sports Clubs.
- Sports Federations.
Why should the sports organizations engage an audit firm in respect of compliance with the investment controls?
As per the Regulations, a sport organization should engage an accredited audit firm after obtaining the approval of the Public Authority for Sport to examine the records, documents and movements of the sport organization’s bank accounts pertaining to the financial resources generated from the investment income to verify spending the same on the stipulated purposes and submit a quarterly report to the Public Authority for Sport.
What is the deadline for submitting the assurance report on compliance with the Investment Controls in the sport organizations?
The auditor’s report on the inspection and verification results shall be submitted no later than 30 days after the end of the quarterly period inspected.
Is Baker Tilly in State of Kuwait accredited audit firm?
Yes. Baker Tilly has two licensed chartered auditors who are accredited with the Ministry of Industry and Commerce and the Capital Markets Authority, namely:
Dr. Saud Al-Humaidi, Auditor License No. 51, Class A; and
Mohamed Hamed Al-Sultan, Auditor License No. 100, Class A
What is the added value to sport organizations from engagement of Investment Controls Services in Kuwait?
- Comply with laws, regulations, resolutions and instructions issued by Public Authority for Sports; and
- Enhance the confidence of investors and all stakeholders in integrity of sport organizations and soundness of their financial statements.
What are the Services in Kuwait provided by Baker Tilly?
Baker Tilly provides the services of preparing the assurance report on compliance with the investment controls in the Comprehensive and Specialized Sports Clubs and the Sports Federations.