Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Cbk Sends Cautionary Note To Some Auditors
The Central Bank of Kuwait (CBK) has sent a cautionary note to some auditors, stressing that they should adhere to the specific quality of supervision when preparing financial reports supporting banks, particularly the examination of personal loan portfolios, reports Al-Rai daily quoting sources.
The sources pointed out that the message of the Central Bank, which was described as ‘strongly worded,’ came during an expanded meeting recently held with the auditors. The regulatory body reported that some auditors have submitted audit work to some banks in a manner inconsistent with the regulatory directives in this regard.
The Central Bank recently noted that some of the external audit work on the supporting financial reports is not provided by the auditors with the required accuracy, pointing out that some of the violations relate to material information discovered by its inspection teams regarding irregularities in personal loan portfolios and their benefits.
However, the auditors say that everything the bank had was intact. In accordance with the Central Bank’s instructions, banks are required to appoint an external auditor to prepare supporting financial reports, which include examining personal loan portfolios (consumer and credit), preparing donations reports to the Department of Money Laundering and Combating Terrorism, preparing capital adequacy reports, and other supporting financial reports.
The sources considered that the severity of the CBK comes in the confl ict between the financial indicators refl ected by the reports supporting some observations of the banking sector, with what is published in the financial statements of each bank, and inspections.
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
Comments Post Comment