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All Journal IQTISHADIA International Journal of Islamic Economics and Finance (IJIEF)
Fatima, A.H.
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Economics, Econometrics & Finance

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Audit Quality Framework’s Input Factors: An Islamic Perspective Ayedh, Abdullah; Fatima, A.H.
IQTISHADIA Vol 12, No 2 (2019): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v12i2.5295

Abstract

The International Federation of Accountants issued the Audit Quality Framework (AQF) in 2014. This framework portrays the factors that enable a quality audit as a systematic process. This paper provides an Islamic perspective to the AQF, specifically on the input factors. Since the analysis is from an Islamic viewpoint, primary Islamic sources are referred to. Moreover, a diagram of the main characteristics is included for simplification. The analysis reveals that although the AQF is reasonably comprehensive, there are some other considerations that Muslim auditors must make in performing an audit of quality, for example their intention. Then, the qualities of ‘morality’ and ‘proficiency’, have augmented significance compared to the original AQF. The proposed model could be useful to regulators and audit firms in Muslim countries. Also, these factors should be considered by Muslim auditors and practiced. Furthermore, researchers could test the model empirically in future.
Shariah Disclosure Practices in Malaysian Islamic Banks using the Shariah Disclosure Index Amin, Nur Afiqah Md; Mohd Ariffin, Noraini; Fatima, A.H.
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (467.093 KB) | DOI: 10.18196/ijief.v4i0.9953

Abstract

Islamic banks are required to ensure their operations and activities comply with the Shariah principles. According to Islamic Financial Services Act (2013) in Malaysia, all operations and activities of Islamic financial institutions including Islamic banks have to comply with decisions made by the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and the Shariah Committee (SC) of the Islamic financial institution to ensure Shariah compliance. In practice, Shariah compliance is considered a crucial factor by bank stakeholders, especially Muslim customers in their decision to use Islamic financial products. Thus, one of the ways for Islamic banks to convey their Shariah-compliance to their stakeholders is through annual reports. This study examines the level of compliance on Shariah disclosure in the annual reports of Malaysian Islamic banks. A Shariah disclosure index, comprising mandatory and voluntary items, was developed from Bank Negara Malaysia (BNM) guidelines and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. Shariah disclosure data were collected from the annual reports for the year 2016 of the 16 Islamic banks in Malaysia. Based on Institutional Theory, this study hypothesised high compliance, however the results revealed that none of the banks had full compliance to the mandatory items. Nevertheless, some of these banks disclosed voluntary items. The findings provide useful insights to the regulators and stakeholders on Islamic banks’ compliance on Shariah disclosure. The study also reveals the importance of disclosing additional items in the annual reports of Islamic banks.
Co-Authors Amin, Nur Afiqah Md Ayedh, Abdullah Noraini Mohd Ariffin