Kuwait commerce Minister calls for updating economic laws

Kuwait's Minister of Commerce and Industry Khaled Al-Roudhan during a tour in the exhibition.

Kuwait’s Minister of Commerce and Industry Khaled Al­Roudhan on Wednesday affirmed necessity of updating economic laws for boosting investments including small enterprise.

The minister said his department “prepared” a law for audit practicing, noting auditors’ key task of screening financial data and ensuring companies’ adherence to the relevant laws. Al­Roudhan was speaking at inaugural session of the “the sixth international vocational conference for auditing and revision.”

The draft law regulates consultancy and sets rules and criteria for auditors. The Kuwaiti Government had issued, in coordination with the parliament, a large number financial, economic and investment laws, as part of the strategy to stay abreast of global economic openness.

He called for mapping out “future plans” to cope with “emerging challenges in auditing and render the profession more helpful for decision makers.” The conference tackles tax calculations, alms, governance, internal auditing and auditing’s role in combating fraud and corruption.