CmaBoardReleases
Title: Capital Markets Authority Holds its Fourth Awareness Workshop on Regulations of Registering Auditors in the Concerned Register at the CMA
Kuwait - May 24, 2016. Capital Markets Authority held its fourth awareness workshop on May 24, 2016 for the first quarter of the current financial year at Khaled Al-Kharafi Hall (Kuwait Stock Exchange). It covered the topic of the “Regulations of Registering Auditors in the Concerned Register at the CMA”
The workshop tackled various points regarding this issue such as:
• Responsibilities of auditors registered in CMA register.
• Process of registering auditors in CMA register.
• Conditions and requirements of registering in CMA register.
• After registration.
The workshop discussed in its first part the responsibilities of auditors who are registered in CMA register. They should be fully aware of the regulations of registration mentioned in Chapter Three of Module Five of the Executive Bylaws, and the ability to fulfill such responsibilities of auditors of licensed persons, listed Kuwaiti companies in the Exchange, collective investment schemes, Special Purpose Vehicles licensed by the CMA.
The second part of the workshop discussed the process of registering auditors in CMA register and the procedures that shall be followed, starting with getting a clearance certificate from the Criminal Evidence General Department at the Ministry of Interior Affairs, then applying for registration and attaching the form included in appendix No. (8) of Module Five of the Executive Bylaws after paying KD 1000 as application fees and attaching a copy of the receipt with the form. The CMA will decide upon the request after 30 days of applying. If the CMA approves of the registration request in CMA register, the auditor will pay a fee of KD 5000 and he will be granted the registration certificate.
The third part displayed some conditions and requirements of registration in the CMA register in addition to the main requirements that the auditors should fulfil before applying to register in CMA register which are as follows:
• Must be registered in the register among category (A).
• Must practice his role as an auditor starting from the registration date for not less than five years.
• Must have review and audit teams which comply with CMA’s requirements.
• Must have a professional code of conduct according to the latest international practice.
• Must have internal bylaws and policies, and technical systems that corresponds with the nature of the profession.
• Must have a detailed, clear training plan for the members of the review and audit teams.
The fourth part of the workshop covered the period which follows the registration in CMA register. An annual report must be submitted by the registered auditors in June of every year containing the following:
• List of the existing human resources throughout the year, specified by name, nationality, job title, number of years of experience.
• Auditing and consultancy activity that was offered to companies subject to CMA supervision and other provided services.
• Training activity throughout the year.
• Risk measurement and management, and quality control.
At the end, all participants’ inquiries and questions were answered by CMA representatives.
It should be noted that the CMA representatives of today’s workshop were: Mr. Khalid Al-Mufarrej – Acting Director of Registration and Licensing Department, Mr. Abdulaziz Al- Mansour – Representative from Registration and Licensing Department, Mr. Khaled Al Saqer – Director of Awareness Office, Mr. Othman Ali Al-Neghaimesh – Representative from Legal Affairs Sector.
The current awareness program of the CMA is limited to six workshops extending until June 5, 2016. Where the CMA released the awareness workshop program On the May 3, 2016, with a workshop regarding disclosure of interest followed by two others regarding promoting collective investment schemes incorporated outside Kuwait, and Anti-Money Laundering and Combating Financing of Terrorism. The CMA will continue the rest of the program during the upcoming weeks with other issues such as: Violation of Trading Conduct, and CMA Electronic Portal.
The CMA is pleased to express its deepest appreciation to the participants for their active contribution in the program, hoping that there will be ongoing mutual cooperation, it also welcomes any suggestions concerning its awareness activity or any other activity.
Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
For more information, kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw