Understanding planning process in shariah audit: the case of takaful operator in Malaysia

Mohamad Puad, Noor Aimi and Shafii, Zurina and Abdullah, Nurdianawati Irwani (2018) Understanding planning process in shariah audit: the case of takaful operator in Malaysia. In: The 6th International Seminar on Entrepreneurship and Business (ISEB 2018), 24th November 2018, Kota Bharu, Kelantan.

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Abstract

The function of audit from the Islamic view is much more important as it manifests the accountability of the auditors not only to the stakeholders, but ultimately to the Creator, Allah s.w.t as the Muslims believe that one’s action and thoughts are always being watched by Allah (the concept of Muraqabah). based on shari’ah governance framework which was circulated in 2011, the function of shari’ah audit considered as mandatory for every Islamic financial institutions. The non-availability of comprehensive shariah audit framework has become one of the challenges in conducting shariah audit and makes the industry practice differently. The planning stage is very crucial in audit practice as it reflects the whole process of auditing. The aim of the study is to understand the planning process in shariah audit mainly in Takaful industry by using qualitative approach. The study has been carried out through a multiple case study, which compared the practices of three Takaful Operators, gathering evidence by interviews with auditors who performed shariah audit functions .This study highlights diversity in planning process although there are also some similarities between Takaful Operator. This study may provide deeper understanding on planning process and some relevant recommendations for future development of shariah audit practices in Islamic financial institutions particularly for Takaful industry.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	3677/76074
Uncontrolled Keywords:	Planning; auditing; internal audit; Takaful
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance H Social Sciences > HG Finance > HG8719 Islamic Insurance Takaful
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences
Depositing User:	Associate Professor Dr. NURDIANAWATI IRWANI ABDULLAH
Date Deposited:	05 Dec 2019 09:51
Last Modified:	05 Dec 2019 09:52
URI:	http://irep.iium.edu.my/id/eprint/76074

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