Al Waha Auditing Office
Profile
Private & Confidential
February – 2015 Kuwait
Index
Subject
1
2
3
4
5
6
7
8
9
Introduction
Services Performed By The Office To Our Cients
Office Owner and Managing Partner
Professional staff
The Important and Active Business Men`s in Connection with Alwaha
Auditing office.
ALWaha Auditing Office Portfolio ( Audit , assurance and advisory)
The Joint Audit With Big 4 Firms
Total Office Revenues of Previews Years
Contact Information
2
1: Introduction
Private & Confidential
3
• We are pleased to offer a summary about the office and its customers
where it is developed from day to another in respect of administration ,
scientific level. the human is the core whether on the individual or group
level in respect of behavior , earning experience or in respect of
administration whether it is organizing , directing , planning through the
internal and external factors and conditions and the available abilities and
possibilities and the practical efficiency and the professional experience.
• Al Waha established in year 1988 after Mr. Ali Owaid Rukheyes obtained the
license to exercise audit and assurance profession. He is Kuwaiti graduated
from Kuwait university in year 1979 "accounting section" and works in many
fields for period exceeds in the sector of oil and researches , has the
experience in the field of the accounting and financial affairs and the taxes
of foreign companies and the accounting issues where he made many
memorandum in this respect to the experience department at the ministry
of justice and has more than 26 years experience in the field of accounting
and audit , In 1996 he joined to the international group of accountancy
(IGAF) in the United States of America , In 2001 he obtained the colleague
of certified public accountants in England.
Private & Confidential
4
• In 2002 he obtained the membership of certified public accountants
association in the Montana province in the United States of America but he
left all this colleagues at the end of the previous year because of nonpersuasion with these colleagues where those doesn't add new thing and
we search about another party add to us and add to them , as well as there
is group of specialists in the field of audit whose have the scientific and
practical experience to perform their tasks in the best method and due to
the professional efficiency of the office in serving its customers on the
highest levels , the office has a good reputation in all business sectors and
ranking 4th in audit Kuwaiti market in, as well as the level of our
professional services could be estimated from the type of customers which
we deal with them.
Private & Confidential
5
2: Services Performed By The Office To
Our Clients
Private & Confidential
6
A -Audit
•
•
•
•
•
•
Alwaha Auditing Office provides independent audit services designed to enhance the
reliability of information prepared by clients for use by investors, creditors and other
stakeholders, within the ambit of country-specific statutory requirements. Our Audit practice
also provides a range of other types of attestation reports.
Audit teams equipped with a high level of technical skills and empowered with professional
skepticism provide the heart and soul of a good audit. In addition, we believe Audit
methodologies must focus on fundamentals and guide good audit judgments.
Technology can provide for effective information gathering, allow for critical data
comparison, and enhance contextual analysis.
Compliance tools help the auditor meet professional and regulatory requirements.
Cultural values should encourage sound judgment and objectivity.
We use auditing techniques matched with the international best practice specifically
modified for Kuwait regulations and requirements. These techniques which comply with
international auditing standards, In brief, we review risk and materiality in each area of the
audit so that we focus on those areas most relevant to the substantiation of our eventual
audit opinion. This approach ensures that we carry out a timely and efficient audit, avoiding
areas which are neither material nor of high risk.
Private & Confidential
7
B - Internal Audit
The benefits of the internal audit service that will enhance the client management may
include, but are not limited to, the following:
- Sound advice on operations, performance and internal controls.
- An assessment of whether the procedures adopted comply with the envisioned policies.
- An assessment of whether best practices are being implemented throughout the
organization .
- Safeguarding assets.
Internal audit department can be a costly start-up therefore outsourcing a company's internal
needs may be a feasible option. Accordingly, outsourcing of such a service means that the
client will only pay for the productive hours given by our internal audit team, this saving time,
training, equipment, tools and office space while at the same time getting the benefit of the
service.
C - Tax & Other Obligations
Businesses face the challenge of turning their newly established endeavors into profitmaking operations within a stated period of time, which is not an easy task. To this end,
taking full advantage of all available opportunities should certainly include appropriate tax
planning and taking relevant advice . Tax laws are quite complex and therefore it is most
advisable to ensure that businesses with across-the-border operations undertake adequate
tax planning at an early stage.
Private & Confidential
8
- Income Tax
Foreign companies who are doing business in Kuwait are subject to 15% income
tax of the net annual profit, payable to Ministry of Finance (MOF).In this context,
Alwaha renders auditing services related to tax on foreign companies income in
Kuwait to the clients from A to Z, covering the following stages:
1) Tax Planning.
2) Registration with MOF.
3) Tax Submission and Inspection.
4) Tax Objections and Appeals.
5) Clearance Certificate.
We render income tax services based on three main perspectives: the benefits of income
tax payer, compliance with the income tax laws, and avoiding tax penalties.
Private & Confidential
9
- National Labor
Kuwaiti companies listed in Kuwait Stock Exchange (KSE) are subject to 2.5% National Labor
Support Tax of net annual profits, payable to the Ministry of Finance (MOF). Kuwait National
Labor Support law was promulgated to support and encourage Kuwaiti nationals to work in
private sector. Alwaha renders auditing services related to National Labor Support Tax
declaration in an efficient manner, in accordance with National Labor Support Tax Law,
amendments and executive regulations thereof. In addition, we provide our advisory service
regarding the objection and the appealing process, if any. The governing laws of Kuwait
National Labor Support Tax are Law No. 19 of 2000, National Labor Support Tax Law, amending
Ministerial Resolution No. 24 of 2006, and Executive Regulations of National Labor Support
tax Law in Kuwait .
- Zakat
In compliance with Islamic Shari’a (rules), Zakat law on business in Kuwait was promulgated,
under which Kuwaiti shareholding companies are subject to Zakat of net annual profits
payable to the Ministry of Finance (MOF). This law was promulgated to support the
government budget. Alwaha renders auditing services related to Corporate Zakat obligation in
an efficient manner in accordance with Zakat law, amendments and executive regulations. In
addition, we provide our advisory service regarding the objection and the appealing process, if
any. Zakat on Business in Kuwait is governed by Zakat Law No. 46 of 2006, Resolution No. 58 of
2007, amending Zakat Law, and Executive Regulations of Zakat Law .
Private & Confidential
10
- Regulatory Bodies:
Regulatory bodies in Kuwait
1.Ministry of Commerce and Industry (MOCI)
2.Kuwait Capital Markets Authority (CMA)
3.Central Bank of Kuwait (CBK)
4. Accounting and Auditing Association (AAA)
Failing to comply and abide with those laws and regulations will consequently expose
business entities to administrative and/or financial penalties. In case of repeated violations,
business activity will be subject to suspension and its licenses will be withdrawn or cancelled.
- Regulatory Compliance
Companies operating in the State of Kuwait are subject to the supervision of the regulatory
authorities to ensure that best practices and governance are applied. This, in turn, is an
integral component of organizational success, and protects shareholders’ equity and the
State economy against any financial or non-financial risks such as reputation risk.
Regulators issue, from time to time, mandatory laws, regulations, resolutions, or guidelines to
be followed by companies subject to their supervision. Non-compliance with the guidelines
issued by the regulatory authorities exposes companies to financial or administrative
penalties, including but not limited to:
Private & Confidential
11
- Business Advisory
Our Advisory Service help clients manage risk, so that they can focus on their core businesses.
By gaining an intimate understanding of each client's business, we aim to convert information
into insights to uncover hidden opportunities to improve client efficiency and performance.
The Advisory Service helps clients tackle challenges in growth, governance and performance,
combining specialist skills around the world to provide objective advice and execution to help
preserve and improve value.
- Asset Valuation
Business valuation is a process and a set of procedures used to assess the fair value of a
business or owner's interest in a business. Through valuation, the selling price of a business
can be estimated by using a number of different valuation methods. An investor, in some
cases, decides to exit from an investment he has entered into. In other cases, an investor
decides to enter into an existing investment and wants to know its value to make a decision on
whether to enter it or not. In Business Valuation, Alwaha determines the fair value of an asset
or company equity by applying most recognized and applicable valuation methods and
approaches. Business valuations are used for different business needs: disposal of an equity
stake in a company, introducing a new shareholder/ partner into a company, acquiring the
assets or shares of a potential target, merger or acquisition deals, restructuring analysis,
spinoffs, debt financing, initial public offerings, and other business needs .
Private & Confidential
12
3: Office Owner and Managing Partner
Private & Confidential
13
1 - Ali Owaid Rukheyes (Owner & Managing partner)
Exercises the profession since 1988 in the following offices.
Bachelor of accounting "Kuwait university"
He has two years experience as an accountant in Kuwait institute
for scientific researches. He has 26 years experience in Kuwait National
Petroleum Company started as accountant in the material accounting
department to senior accountant in the financial accounting department to head of unit in
the balance sheet and cost accounting department to chief accountant in shuaiba refinery to
supervisor on the sales and production accounts then a consultant of the financial affairs.
He has experience in the auditing for a period exceeds 26 years.
a) public accountant - 72A
b) Al Basam Auditing office in year 1988 for three months period.
c) Al Waha Auditing office from September 1st ,1988 till Present.
d) authorized expert in the total court in Kuwait state.
e) registered in account association arbitrations center of international commercial.
f) Registered in the schedule of authorized arbitration.
g) Expert in the (CMA ) Court Kuwait .
Private & Confidential
14
The professional societies
a) Member in the association of Kuwaiti accountants and auditors.
b) Fellow of the international public accountants association - London - (previously)
c) Member in the Montana association of public accountants - America (previously).
d) Member in the international group of accounting (IGAF) - New Jersey - United States
of America -(previously).
Date of establishment of the office
It is established in September 1st ,1988 after Mr. Ali Owaid Rukheyes pass the first test of
auditors register held on June 22nd ,1988 at ministry of commerce.
Private & Confidential
15
2 - Majed Ali Owaid Rukheyes (Senior Partner )
He is the first partner of Alwaha Auditing office he has completed
his masters degree in auditing from the university of Bahrain and
he also holding bachelor degree in accounts . In addition he is
registered in account association arbitrations center of international commercial
Registered in the schedule of authorized arbitration . He have Experience in the field
of petroleum sector . He have Experience in the banking field .
•
•
•
•
He is Admin of accountant dept in Kuwait National Petroleum Company since 2003
He is Bored of Director Member of Commercial Bank of Kuwait since 2011
He has completed many courses in accounting and auditing field in and out side Kuwait .
He is authorized expert in the total court in Kuwait state.
Private & Confidential
16
4: Professional staff
Private & Confidential
17
Al Waha is full of smart, driven people who care a lot more about getting it done, and the
relationships we build, than about proving how clever we are. Al Waha's people truly
become a valuable extension of our clients' teams. As a result, our people are a primary
reason our clients would recommend Al Waha to others.
Our "one team" attitude breaks down silos and helps us engage equally effectively from the
c-suite to the front line. Our collaborative working style emphasizes teamwork, trust, and
tolerance for diverging opinions. People tell us we are down-to-earth, approachable and fun.
We have a passion for our clients' true results and a pragmatic drive for action that starts
Saturday morning 8am and doesn't let up. We rally clients with our infectious energy, to
make change stick.
And we never go it alone. We support and are supported to develop our own personal
results stories. We balance challenging and co-creating with our clients, building the internal
capabilities required for them to create repeatable results It feels different to work with us.
We bring and high qualified experts for any ascent mite needed.
Private & Confidential
18
9 : CONTACT INFORMATION
Private & Confidential
19
Phone : +965 22423415/7
Mobile : +965 99021289
Fax
: +965 22422026
Email Address : [email protected] / [email protected]
Website
: www.alwahauditing.com
Mailing Address : State of Kuwait Kuwait City P.O.Box 27387 Safa Postal Code 13134
Kuwait
Street Address : State of Kuwait Kuwait City AL-Sharq Area Ahmed Al Jaber Street,
Kirby Building, Opp. State audit bureau, 2nd floor
Private & Confidential
20