‘Internal audit key to growth’

10/02/2026

KUWAIT CITY, Feb 10: Undersecretary of the Ministry of Commerce and Industry Marwa Al-Jaidan said the internal audit profession is the foundation of corporate governance and the first line of defense for integrity, financial discipline, and sound risk management. In her opening remarks at the 17th Annual Internal Auditors Forum on Monday, Al-Jaidan pointed out that the role of auditors is no longer limited to post-audit review, as it has evolved into a proactive and analytical one, making them active partners in improving decision quality and protecting institutional sustainability.

She disclosed that this year’s forum focuses on data analytics tools and artificial intelligence in auditing, reflecting a deep professional understanding that technology is no longer an option but an essential element in building trust, enhancing transparency, and improving oversight efficiency. The ministry has been keen on taking practical steps to modernize the financial disclosure system in the country. The main initiative is the voluntary implementation of ‘Qaid’ project -- the national system for electronically filing financial statements.

This integrated institutional approach aims to revolutionize the mechanism for submitting and analyzing financial statements, raise the efficiency of regulatory oversight, and improve the quality of financial data in the national economy. The ministry explained that the project is based on the XBRL global standard, enabling a shift from traditional documents to structured digital financial data that can be analyzed instantly.

This will expedite audit and approval procedures, standardize disclosure concepts, reduce procedural burdens on companies, and provide regulatory bodies and audit firms with more efficient and accurate analytical tools. According to the ministry, the project is a comprehensive institutional initiative designed to transform the process of submitting and analyzing financial statements. It added that the optional phase of the project implementation began on Jan 1, 2026, and includes several legal entities. Implementation will proceed through carefully planned transitional phases to ensure the readiness of companies and auditing firms, paving the way for mandatory implementation starting in 2027. Furthermore, Fahad Al-Jafour,

Treasurer and Board Member of the Kuwait Association of Accountants and Auditors, explained that the association’s sponsorship of this forum is a manifestation of its growing interest in the importance of digital transformation and artificial intelligence technologies in the accounting profession. He pointed out that the theme of the forum comes at a critical time, considering the rapid adoption of artificial intelligence technologies by countries in various sectors, including pharmaceuticals, agriculture, industry, energy and technology, which has led to a significant and rapid leap forward in the field of information.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff