In the State of Kuwait, consumer and installment loans and financing facilities are extended by banks, investment companies and finance companies licensed by the Central Bank of Kuwait to extend financing facilities.
In this regard, Central Bank of Kuwait instructions require banks, investment companies and finance companies to engage an audit firm to carry out reviews and checks of all consumer and installment loans/ financings extended by them on ongoing basis on quarterly basis.
Deadline of Assurance Report submission to Central Bank of Kuwait
Central Bank of Kuwait Circular dated February 14, 2018 sets forth that the auditor’s assurance report on the review findings shall be submitted not later than 45 days from the end of the reporting period.
|Audit firm engagement conditions
Added value to business entities from Loans & Financing Portfolios Review
Comply with laws, regulations, resolutions and instructions issued by Central Bank of Kuwait.
Services offered by Baker Tilly
- Auditor’s quarterly assurance report on the review findings of consumer and installment loans/ financing portfolios
(Reference: Central Bank of Kuwait Circular No. 2/105/1561 dated February 14, 2018)