‘Audit’ issued 282 operational reports in last two years: KPC

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KUWAIT CITY, Nov 30, (KUNA): The Kuwaiti oil sector’s central auditing bureau has issued 282 reports on operations of Kuwait Petroleum Corporation (KPC) and affiliated companies in the last two years, KPC CEO Nizar Al-Adsani said on Wednesday. In a speech to open a Gulf Cooperation Council (GCC) audit bureau conference, Al-Adsani noted that the reports dealt with numerous suggestions germane to the development of internal audit systems of the company.

Moreover, he revealed that the conference aims to showcase the importance of a solid internal audit system, given the fact that it is an integral apparatus at a time of increased volatility in the oil market. On audit systems, Al-Adsani described them as a form of “administrative discipline”, and an apparatus that encompasses all operations, adding that an internal audit system could be instrumental in bringing the company’s goals to fruition. The KPC CEO also noted that an efficient internal audit system should be active through initiating various studies to collect information needed on how to ensure a proficient audit system.

The two-day conference will feature discussions over a myriad of issues, chief amongst them, corporate dedication and development, in addition to the correlation between internal auditing and strategic goals. Meanwhile, the Ministry of Commerce and Industry announced establishment of the first-ever joint venture company through the single window system (KBC), without documents in Ishbilya area

The KBC system is a huge boost to electronic services provided for Kuwaiti citizens and it is also a step to encourage investment, the ministry’s Undersecretary Khaled Al-Shamali said in a statement published by KUNA on Wednesday. People can apply for establishing limited liability, one person an joint venture companies by visiting the single window headquarters, he added. Al-Shamali also noted that citizens can submit establishment request forms and set appointments to visit the headquarters on the ministry’s website. The single window is directly connected to the Minister of Commerce and Industry and involves employees of different ministries and governmental bodies, he added.

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