AUDIT AND ASSURANCE IN THE ISLAMIC FINANCE INDUSTRY

Two-day CPD Program

Who is it for:

  • Shariah Scholars
  • Auditors
  • Accountants
  • Finance Managers

Dates: January 29th – 30th, 2018

Time: 10:00 am – 3:00 pm

Venue: Auditor General’s Office (Training Room)
Gaazee Building, Ameer Ahmed Magu, Malé

Investment: USD 350

For more information:
Tel: 3008300
Email: info@mcif.mv

​About the facilitator:

Nadeem Haq
Executive Manager
Islamic Finance Council UK (UKIFC)

Nadeem Haq is a qualified Chartered Accountant having working since 1999 in the assurance, risk management and corporate governance arena across a range of industry sectors and jurisdictions. As a Head of Internal Audit he has qualifications from the Institute of Risk Management and membership with the Institute of Internal Auditors.

Nadeem through the Islamic Finance Council UK has been actively involved in Government Advisory work having been appointed by various European and African government bodies in development of strategies and regulatory guidelines to facilitate the growth of Islamic Finance.

Program Outline

Day 1

Session 1

  • Appreciate the development of Corporate Governance and financial statement assurance requirements in modern business environment
  • Define and Breakdown the definition of internal auditing and external auditing
  • Define purpose, authority and responsibility of the internal audit activity

Session 2

  • Define Types of Control
  • Describe Types of Management Control Techniques
  • Demonstrate understanding of COSO Internal Control Framework
  • Define Risk Terminology
  • Describe Risk Elements
  • Demonstrate Understanding of Risk Management

Session 3

  • Describe the different tools and techniques used in data gathering and process mapping
  • Understand how to establish the relevance, sufficiency and competence of evidence
  • Describe data analysis and interpretation techniques
  • Have appreciation of the use of work papers and results reporting

Day 2

Session 1

  • Define shariah assurance and appreciate the need for Shariah Standards
  • Recognise the governance framework in which Islamic finance operates
  • Understand the key principles relating to shariah assurance
  • Describe the governance framework in an Islamic finance institution

Session 2

  • Demonstrate knowledge of shariah reporting practices
  • Understand the differing roles for internal shariah audit and external shariah audit
  • Describe the process for undertaking an internal shariah audit

Session 3

  • Understand the AAOIFI vs IFRS challenge
  • Describe and appreciate the other challenges facing shariah assurance