The Kuwait Capital Markets Authority has published a Disciplinary Board resolution imposing a KD 10,000 financial penalty on Abdullatif Mohammed Al-Aiban of Grant Thornton, in his capacity as a company auditor, for violating the Rules of Securities Activities and Registered Persons. The case relates to his audit report on the company’s financial statements for the period ended 30 September 2025, in which he did not express observations or reservations despite the company’s non-compliance with IFRS 9. The non-compliance concerned the failure to create a provision for a related-party balance of KD 14,582,148 outstanding since 2015, which the authority said constituted a breach of professional duties. The resolution cites breaches of Clause 7 of Article 3-4-4 and Article 3-4-5 of Module Five of the Executive Bylaws of Law No. 7 of 2010 and its amendments.
Kuwait Capital Markets Authority 2026-04-13
Kuwait Capital Markets Authority fines auditor Abdullatif Mohammed Al-Aiban KD 10000 for failing to flag IFRS 9 breach on KD 14582148 related-party balance
The Kuwait Capital Markets Authority has fined Abdullatif Mohammed Al-Aiban of Grant Thornton KD 10,000 for breaching the Rules of Securities Activities and Registered Persons as company auditor. The authority found that his audit report on financial statements for the period ended 30 September 2025 failed to flag non-compliance with IFRS 9 over the absence of a provision for a related-party balance of KD 14,582,148 outstanding since 2015, breaching specified provisions of Module Five of the Executive Bylaws of Law No. 7 of 2010.