The Kuwait Capital Markets Authority published a Disciplinary Board decision imposing a KD 10,000 financial penalty on KPMG Consulting Company for breaching business ethics requirements applicable to licensed investment advisers, linked to valuation reporting and impairment-of-value analysis prepared for financial statements for the year ended 31 December 2024. The finding relates to Article 8-4(4) of Module Eight (Business Ethics) of the Executive Bylaws to Law No. 7 of 2010 establishing the Authority and regulating securities activities, as amended. The Authority concluded that KPMG Consulting did not comply with the requirements of International Accounting Standard 36 on impairment and International Financial Reporting Standard 13 on fair value measurement; the penalty was imposed under Disciplinary Board Resolution No. 46/2025 and Authority Resolution No. 89/2025.
Kuwait Capital Markets Authority 2026-01-12
Kuwait Capital Markets Authority fines KPMG Consulting KD 10,000 for business ethics breach in valuation and impairment work
The Kuwait Capital Markets Authority imposed a KD 10,000 penalty on KPMG Consulting Company for breaching business ethics requirements related to valuation reporting and impairment analysis for 2024 financial statements, citing non-compliance with International Accounting Standard 36 and International Financial Reporting Standard 13.