Baker Tilly Kuwait is continuing pioneering in the marketplace
Baker Tilly Kuwait ended the calendar year 2022 with a great success of being admitted by Kuwait Insurance Regulatory Unit as one of the big 5 firms within the State of Kuwait. This admission is thanks to Baker Tilly’s proactive efforts in providing local insurance companies with awareness of the requirements for implementing IFRS 17 “Insurance Contracts”.
In this context, Baker Tilly Kuwait formed highly qualified specialist teams to tackle the challenges that IFRS 17 imposes, who work together in harmony to enable the clients smoothly apply the IFRS 17 requirements.
These teams comprise IFRS experts who assist the clients with handling the accounting aspects of the IFRS 17 including update of the chart of accounts and the accounting policies and procedures. Baker Tilly also has actuaries who perform all actuarial work related to measurement and classification of insurance contracts. In addition, IT professionals provide support with deploying the actuarial-drive solution used for managing and classifying the insurance contracts.
In a connected effort, Baker Tilly Kuwait, in collaboration with Kuwait Insurance Federation, held the IFRS 17 “Insurance Contracts” Workshop on Wednesday, 7 December 2022 in Four Seasons Hotel in Kuwait City. The event was attended by more than 100 professionals including CEOs, CFOs, actuaries and technology specialists from the insurance industry in Kuwait to highlight that the integration should exist among these domains to implement the IFRS 17.
Moreover, Baker Tilly Kuwait held two more workshop for the Kuwait regulators who have supervision roles about IFRS 17 implementation, namely Insurance Regulatory Unit and Capital Markets Authority.
Secret beyond pioneering the market
Baker Tilly Kuwait has established agile organizational and job structures focusing on competencies of professional human resources who have profound characteristics combining values, behaviors and experience in addition to a group of ISO and other internationally recognized standards.
In this context, Baker Tilly Kuwait is certified against the following quality systems:
- ISO 9001:2015 “Quality Management System”.
- ISO 14001:2015 “Environmental Management System”.
- ISO 45001:2018 “Occupational Health and Safety Management System”.
- ISO/IEC 27001:2013 “Information Security Management System (ISMS)”.
Furthermore, the management of Baker Tilly Kuwait makes constant efforts to provide comfortable working environment for its staff. In this regards, Baker Tilly Kuwait is proud to be the first CPA firm in Kuwait to be Great Place To Work Certified. This reflects the in-depth insights that the staff members are the firm’s valuable asset.
Currently, Baker Tilly Kuwait is in the process of enhancing these internal qualty management systems through securing certifications ISO 20001 – Information technology — Service Management, which identifies and manages key processes related to the efficient delivery of information technology services to meet the business needs of clients.
Also, in process ISO 22301 Security and resilience — Business continuity management systems, which specifies the structure and requirements for implementing and maintaining a business continuity management system (BCMS) that develops business continuity appropriate to the amount and type of impact that the organization may or may not accept following a disruption.
These certifications are anticipated to be awarded by June 2023.
In nutshell, Baker Tilly Kuwait is a CPA firm of choice.
About Baker Tilly Kuwait
Baker Tilly in Kuwait is an independent member of the Baker Tilly International network based in the UK, ranked amongst the top 10 global accounting networks. The firm provides auditing, assurance, and tax services as well as consulting & advisory services in accounting, investment, management, financial, actuarial, and information technology to assist several sectors such as government, oil and gas, banks, listed companies, licensed companies, and other entities.
Media contact Details
Baker Tilly Kuwait
phone number: +965 1887799
City: Kuwait City
country: State of Kuwait
Contact Person: Hisham Sorour