“Issues and Challenges of Shariah Audit: Post IFSA 2013 Establishment” Prepared for: Assoc. Prof. Dr. Noraini Mohd. Ariffin Prepared by: Siti Azrai Binti Ahmad Akil G1019578 Mirzohid Nizamidiniv G1124429 Asaad Mohamed G1311795 Table of Contents ABSTRACT 3 CHAPTER ONE 4 INTRODUCTION 4 1.1 BACKGROUND OF THE STUDY 4 1.2 RESEARCH QUESTIONS 5 1.3 RESEARCH OBJECTIVES 6 CHAPTER TWO 7 LITERATURE REVIEW 7 2.1 History of Auditing 7 2.2 Shariah Audit and Maqasid al Shariah 8 2.3 Conventional
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Safeguard of auditor independence (i)Established An Audit Committee We support the given measure as Sarbanes-Oxley Act of 2002‚ Section 204 requires auditors reports to audit committee (www.sarbanes-oxley.com).First‚ such committee is independent non-executive directors provide auditors an independent point of reference than executive directors of the company. Second‚ it enhancing the independence of auditors by provides a direct channel of communication between top management and the auditors
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auditing. Is there a strategic role that ethics auditing may play in a company? Ethics Auditing By definition‚ an ethics audit is a “systematic evaluation of an organization’s ethics program and/or performance to determine its effectiveness.” (1) This concept of ethics auditing is fairly new and few companies have conducted an ethics audit. However‚ performing such audits will likely become more mainstream as recent legislation encourages greater ethical accountability for companies to demonstrate
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control issues with Arthur Andersen (AA) that contributed to the Enron disaster. Firstly‚ AA gave Enron nonaudit services as well as audit services‚ meaning that AA could advise the structuring of transactions for desired disclosure outcomes and other work and later give an audit opinion on these transactions. This resulted in a blatant conflict of interest issue that many audit professionals did not recognize. Secondly‚ the “tone at the top” of AA did not encourage ethics or quality of work. Joe Berardino
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University of Houston System Department of Internal Auditing AUDIT MANUAL Section C-7 Page 1 of 2 SECTION C-7 ENTRANCE CONFERENCE AGENDA University of Houston System Internal Auditing Department (Campus‚ College/School Name)‚ Dean’s Review Entrance Conference Agenda (Date) A. B. Internal Audit Plan – Scheduled Audits FY 200x and Budget Hours (Enclosed) Audit Objectives: 1) Determine whether the college’s activities are helping to accomplish its goals and objectives. Determine whether resources
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working on his first audit. During Tom’s testing he has found a number of large errors that he has brought to the attention of the audit manager. Tom believes some of the errors are so large that a qualified opinion will be necessary. Towards the end of the audit Tom is told that the Audit Manager has scheduled a meeting with the client in order to discuss audit adjustments and the type of audit opinion that is likely to be given. After the meeting Tom is told an unqualified audit opinion will be issued
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Chapter 8 Audit Planning and Analytical Procedures Review Questions 8-1 There are three primary benefits from planning audits: it helps the auditor obtain sufficient appropriate evidence for the circumstances‚ helps keep audit costs reasonable‚ and helps avoid misunderstandings with the client. 8-2 Eight major steps in planning audits are: 1. Accept client and perform initial planning 2. Understand the client’s business and industry 3. Assess client business risk 4. Perform preliminary
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situations where individuals have to make a choice from unclear and complex alternatives in auditing‚ where each alternative may be the right choice according to a specific moral position or viewpoint. (Leung et al.2011) John‚ a young CPA working for an audit firm‚ is now facing a dilemma when he was asked to draft a report on the reliability of internal control of Moulberg Electrical Application Ltd. During his work‚ John found the internal control of Moulberg was poor and detailed everything in his report
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iv 1 1 4 4 4 5 6 7 7 8 8 9 9 9 9 10 Appendices 1. 2. 3. 4. 5. 6. 7. Minimum Contents of HACCP Manual and Supportive Documents Application Form Application Checklist Application Procedure Flow Chart Certification Procedure Flow Chart Compliance Audit Flow Chart Fee Schedule Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 i MCS HACCP – Guideline for HACCP Certification Committee representation The HACCP Committee under whose supervision this Malaysian Certification
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Chapter 24 Completing the Audit Review Questions There are four presentation and disclosure-related audit objectives: 24-1 PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES Occurrence and rights and obligations Completeness Accuracy and valuation Classification and understandability DESCRIPTION Account-related information as described in the footnotes exists and represents the rights and obligations of the company. All required disclosures are included in the financial statement
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