Kuwait's Ministry of Commerce and Industry (MOCI) has established new requirements for auditors and listed companies in regard to the collection of the contribution to the Kuwait Fund for the Advancement of Science (KFAS). The KFAS contribution is levied at a rate of 1% on the net profits of listed companies and paid to the KFAS. The new requirements include that auditors of listed companies must include a statement in their auditor's report regarding the payment of the KFAS contribution. Failure to do so is regarded as a breach of auditors' obligations. Further, listed companies are required to amend their...