Purchase Order Auditor in Kuwait Kuwait City –Free Word Template Download with AI
Procurement of Professional Auditor Services
Al-Nakheel Financial Group W.L.L.
Office Tower 12, Block 2, Street 45, Kuwait City, State of Kuwait
C.R. No. 108452 | Tax Registration: TR-2019-77431
| Role | Entity | Address | Contact |
|---|---|---|---|
| Buyer (Purchasing Entity) | Al-Nakheel Financial Group W.L.L. | Office Tower 12, Block 2, Street 45, Kuwait City, State of Kuwait | [email protected] +965 2244 8890 |
| Seller (Service Provider) | Al-Rashid Audit & Advisory Partners LLC | Business Bay, Block 4, Street 12, Kuwait City, State of Kuwait | [email protected] +965 2255 3312 |
This Purchase Order is issued by Al-Nakheel Financial Group W.L.L. (hereinafter referred to as the "Buyer") to formally engage the services of a qualified and licensed Auditor for the fiscal year 2024–2025. The Auditor shall be appointed by Al-Rashid Audit & Advisory Partners LLC (hereinafter referred to as the "Seller") and shall perform a comprehensive statutory and internal audit of the Buyer's financial statements, operational processes, and compliance records. All audit activities, fieldwork, document reviews, and final reporting shall be conducted primarily at the Buyer's registered office located in Kuwait, Kuwait City, in full accordance with the Kuwait Audit Law (Law No. 30 of 1968) and the standards issued by the Kuwait Institute of Certified Public Accountants (KICPA).
The Auditor shall hold a valid license issued by the Public Authority for Manpower (PAM) and the Kuwait Institute of Certified Public Accountants, and shall possess a minimum of fifteen (15) years of professional experience in auditing financial institutions operating within the State of Kuwait. The Auditor must demonstrate proficiency in International Financial Reporting Standards (IFRS) as adopted in Kuwait and in the local regulatory requirements imposed by the Central Bank of Kuwait (CBK) and the Capital Markets Authority (CMA).
| Item No. | Description of Auditor Service | Quantity | Unit Rate (KWD) | Total (KWD) |
|---|---|---|---|---|
| 01 | Statutory external audit of consolidated financial statements for FY 2024–2025, including balance sheet, income statement, cash flow statement, and notes to accounts | 1 engagement | 18,500.000 | 18,500.000 |
| 02 | Internal audit of operational controls, risk management frameworks, and compliance with CBK and CMA regulations | 1 engagement | 12,000.000 | 12,000.000 |
| 03 | IT systems audit covering data integrity, access controls, and cybersecurity posture of the Buyer's financial platforms | 1 engagement | 7,500.000 | 7,500.000 |
| 04 | Preparation and submission of the final Auditor's report to the Board of Directors and the Kuwait Ministry of Commerce and Industry | 1 report | 3,200.000 | 3,200.000 |
| 05 | Post-audit advisory session and management letter with recommendations for process improvement | 1 session | 2,800.000 | 2,800.000 |
| Subtotal | 44,000.000 | |||
| VAT (5% as per Kuwait VAT Law No. 8 of 2023) | 2,200.000 | |||
| Grand Total (KWD) | 46,200.000 | |||
- Governing Law: This Purchase Order shall be governed by and construed in accordance with the laws of the State of Kuwait. Any disputes arising from this Purchase Order shall be subject to the exclusive jurisdiction of the courts of Kuwait, Kuwait City.
- Performance Period: The Auditor shall commence fieldwork no later than 1 July 2025 and shall deliver the final audit report no later than 30 September 2025. All on-site work shall take place at the Buyer's premises in Kuwait, Kuwait City, or at such other location within Kuwait City as mutually agreed in writing.
- Confidentiality: The Auditor and all personnel engaged by the Seller shall maintain strict confidentiality regarding all financial data, trade secrets, and proprietary information of the Buyer. This obligation shall survive the termination of this Purchase Order for a period of five (5) years.
- Payment Schedule: Payment shall be made in three (3) installments: 30% upon execution of this Purchase Order, 40% upon completion of fieldwork and submission of the draft report, and 30% upon acceptance of the final Auditor's report. All payments shall be made via bank transfer to the Seller's designated account in Kuwait City.
- Acceptance Criteria: The final Auditor's report shall be deemed accepted upon written confirmation by the Buyer's Chief Financial Officer. The Buyer reserves the right to request reasonable revisions within fourteen (14) calendar days of initial submission.
- Termination: Either party may terminate this Purchase Order with thirty (30) days' written notice. In the event of termination, the Buyer shall pay for all services rendered up to the date of termination, as certified by the Auditor.
- Force Majeure: Neither party shall be liable for delays caused by events beyond reasonable control, including but not limited to government-mandated closures in Kuwait City, natural disasters, or acts of war.
- Compliance: The Seller warrants that the appointed Auditor is fully compliant with all anti-money laundering (AML) regulations issued by the Central Bank of Kuwait and the Kuwait Financial Intelligence Unit (FIU).
For and on behalf of the Buyer:
Al-Nakheel Financial Group W.L.L.
Name: Eng. Khalid Al-Mubarak
Title: Chief Financial Officer
Signature: ___________________________
Date: ___________________________
For and on behalf of the Seller:
Al-Rashid Audit & Advisory Partners LLC
Name: Mr. Faisal Al-Rashid, CPA
Title: Managing Partner / Lead Auditor
Signature: ___________________________
Date: ___________________________
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