Auditing and Governance for Islamic Financial Institutions

Topic

1

1. Corporate governance for IFIs
2. Shariah Governance for IFIs
3. Internal Shariah Governance Mechanisms
4. External Shariah Governance Mechanisms

2

1. Shariah Governance Framework
2. BOD
3. Shariah Committee
4. Management

3

1. Three Lines of Defense Model for Risk Management
2. Shariah Risk Management and Control
3. Shariah Research and Shariah Review
4. Shariah Audit

4

1. Importance of Shariah Research
2. Pre-Product Approval Process
3. In-Depth Research and Studies on Shariah Issue
4. Deliberation of Shariah Related Matters

5

1. Definition of Shariah Review
2. Scope and Process of Shariah Review
3. Comparison to AAOIFI Standard
4. Need for Shariah Review

6

1. Definition of Shariah Audit
2. Audit of Financial Statements
3. Compliance Audit
4. Review Adequacy of Shariah Governance

7

1. Process and Procedures of Shariah Audit
2. Materiality Assessment
3. Materiality Indicators
4. Audit Planning

8

1. Purpose and Content of Shariah Committee Report
2. Changes to Contents of Shariah Committee Report
3. BNM’s Requirement
4. AAOIFI’s Requirement