Prof. Dr.


Zulkarnain Muhamad Sori

Profile Picture

Abstracts views


Views & Download


PhD, Corporate Governance and Auditing, Cardiff University, UK (2005).
Fields/Area of Specialization
Accounting, Auditing, Corporate Governance, Entrepreneurship, Finance and Takaful
Prof. Dr. Zulkarnain Muhammad Sori begin his academic career in 1999 after serving the industry for almost 5 years (i.e. in local and international organizations). He earned his PhD degree in Corporate Governance and Auditing from Cardiff Business School, Cardiff University, United Kingdom in 2005. His research and academic duties focus on Accounting and Finance disciplines with concentration on the following areas

Abstracts views

Views & Download

Content Distribution

Top Countries

Top Countries: Malaysia


Link Entity

Search Results

Now showing 1 - 11 of 88
  • Publication
    A comparison of MASB and AAOFI accounting conceptual frameworks
    Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (AAOIFI, 2017)

    This paper aims to present comparison of conceptual framework published by the Malaysian Accounting Standards Board (MASB) (fully converged with the standards issued by the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). As the Islamic finance industry evolved, some scholars proposed that the Islamic Financial Institutions (IFIs) should have different accounting standards to serve their need to report the unique financial information needs. The research is motivated by the introduction of accounting standards by the AAOIFI to fulfill the financial reporting needs of Islamic finance industry that offered Shariah complied products and services. AAOIFI divided the objective of financial reporting into two parts, namely, objective of financial accounting and objective of financial reports. However, only a limited number of countries adapted the AAOIFI accounting standards as mandatory for their IFIs. The other 120 countries apply standards issued by IASB for their IFIs. For MASB, the objective of financial reporting is to generate useful financial information for creditors and investors. An analysis of the accounting principles outlined in the conceptual framework of the MASB shows substantial replication of the AAOIFI's conceptual framework. In the Malaysian Islamic finance industry perspective, though the regulator requires the IFIs to apply the IFRS, yet it issued relevant regulations as a guide for IFIs financial reporting and to close the gap.

  • Publication
    Audit committee and auditor independence: the Malaysia case
    Sazali Abdul Wahab; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (UPM Press, 2012)

    The efforts towards better corporate governance practices of firms in the Malaysian capital market were started by the Securities Commission (SC) as early as 1996 in three-phased shift disclosure-based regulations (DBR). During Phase 1 (1996-1999: Flexible/Hybrid Merit Based Regime), the emphasis was to regulate on disclosure, due diligence and corporate governance. Phase 2 (January 2000: Partial DBR) still focused on corporate disclosure, due diligence and corporate governance, but included focus on promotion of accountability and self-regulation. In Phase 3 (2001 onwards: Full DBR) the SC enforced high standards of disclosure, due diligence and corporate governance as well as exercise of self regulation and responsible conduct ...

  • Publication
    Accounting information systems (AIS) and knowledge management: a case study
    Zulkarnain Muhamad Sori (EuroJournals Publishing, 2009)

    This study seeks to examine the use of Accounting Information Systems (AIS) by ZBMS Sdn. Bhd., and it's contribution to the knowledge management and strategic role of the organisation. ZBMS is a company that registered in Kuala Lumpur and operate in construction industry. The company used automated AIS known as Contract Plus Financial & Project Accounting package commercially developed by a private company (ZYXW). Wide variety of people that involve in the company's operation within and outside the organisation uses accounting information generated by this system for decision-making. Based on input provided by operational level managers, the Contract Plus software produces monthly projects' income statements, balance sheets and statement of changes in financial position for the strategic and tactical managers to plan, control and make decision on the resources allocation. The role-played by AIS enhanced the organisations' accounting functions, and add information value. The automated AIS speed up the process to generate financial statements and overcome human weaknesses in data processing. The system enhances management of resources and the process of monitoring, control and prediction of ZBMS business for better future. With the advent of AIS, the growth of tacit and explicit knowledge could be seen from the intensive training of personnel at the early stage of system implementation to the development and use of company's own manual in training of new staff and assisting the job of existing staff. Given the benefit of AIS to ZBMS, this paper recommended that the source of data should be fully automated, and the existing system should be upgraded through computerise the pre-tendering and post-tendering of projects to enable AIS integration.

  • Publication
    The relationship between corporate governance practices and auditor independence
    Sazali Abdul Wahab; Zulkarnain Muhamad Sori (UPM Press, 2012)

    The accounting profession plays a major role in facilitating good governance, accountability and transparency among corporate participants, and more importantly. It has become the 'gatekeeper of financial truth' (A-Kadir, 2000), Indeed, the role played by auditors was deemed to be the financial aspect of corporate governance. Good financial reporting is critical to effective functioning of the capital market.

  • Publication
    The role of Islamic finance as a catalyst to sustainable entrepreneurship
    Zulkarnain Muhamad Sori (INCEIF, 2020)

    Fairer and healthier planet have been the main agenda of governments around the globe since the last few decades. Global crisis like climate change, global warming, poverty, hunger, inequality and many more, have raised the concern on our planet sustainability. As a result, the United Nations Summit in New York from 25 to 27 September 2015 unveils the 2030 Agenda for Sustainable Development with 17 Sustainable Development Goals (SDGs) and 169 targets which are integrated and indivisible. This agenda promotes transformation of thinking and approaches to be more inclusive, people-centred and to include sustainable development consideration where possible.

  • Publication
    Audit committee: some evidence from Malaysia
    Mohamad Ali Abdul Hamid; Siti Shaharatulfazzah Mohd Saad; Jonathan Gerard Evans; Annuar Md. Nassir; Zulkarnain Muhamad Sori (Virtus interpress, 2006)

    This study aimed to investigate the perceptions of senior managers of Malaysian publicly listed companies on issues relating to audit committee authority and effectiveness. Questionnaire survey technique was employed to seek the respondents perceptions on five issues, namely audit committee appoints the auditor, audit committee determines and reviews audit fees, audit committee determines and reviews the auditor’s scope and duties, and audit committee’s reports and meetings. The majority of respondents agreed that auditor would be more effective and independent if audit committee assumed the responsibility to appoint the auditor, determine and review the audit fees, and determine and review the external auditor’s scope and duties. It is also found that disclosure of audit committee report and quarterly meeting would enhance the perceptions of users of financial statement concerning the effectiveness of the committee.

  • Publication
    Perakaunan perkongsian: soalan dan jawapan
    Mohd Rosnizam Mohd Deris; Mohamad Ali Abdul Hamid; Zulkarnain Muhamad Sori (McGraw-Hill, 2002)

    Buku ini memberikan: 1) latihan komprehensif di dalam bidang perakaunan perkongsian, 2) bilangan soalan yang banyak berserta cadangan jawapan bagi setiap soalan, 3) penerangan dan jalan kerja yang jelas bagi setiap soalan disertakan.

  • Publication
    Is musharakah mutanaqisah a practical alternative to conventional home financing?
    Alam Asadov; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (Red Money, 2015-09-30)

    Islamic finance had a healthy double-digit growth in the last decade and an important contribution to this steady success is the increasing demand for Shariah compliant products and services from both Muslims and non-Muslims around the globe. These products and services are perceived to be more resilient in adverse economic conditions, has risk-sharing attributes and provides competitive returns to conventional counterparts. Among others, the musharakah or partnership contract is commonly applied in many investment and financing initiatives. One variation of the musharakah is the musharakah mutanaqisah (or diminishing partnership) that emphasizes on the joint ownership of the asset purchased between the bank and the purchaser (customer).

  • Publication
    Autopoiesis in the business organisation: a case study
    Zulkarnain Muhamad Sori (Centre of Sociological Research, 2009)

    This paper discusses the literature on the concept of autopoiesis and its application to business organisations from a brand management perspective, which is claimed to be able to develop customer confidence. Autopoiesis is a psuedo-Ancient Greek word that was constructed from the two words 'auto' and 'poiesis', which denote 'self' and 'production' respectively. An autopoietic business organization is an independent and self-maintaining unity that includes component-producing processes, where the interaction between components recursively produces the same system of processes that produced them, and as a consequence, adapts spontaneously to competition. Analysis of the literature reveals that brand management requires an autopoietic system in order to increase consumer confidence in product quality, to establish brand identity and image and to increase loyalty. This paper also demonstrates that the KFCH brand has autopoietic system characteristic that warrant future research.

  • Publication
    Accounting for the property acquisition: the case of musharakah mutanaqisah
    Zulkarnain Muhamad Sori (IBA Press, 2018)

    This case was developed based on a real-life experience related to an lslamic equity home financing contract (ie. Musharakah Mutanaqisah) between a Malaysian Islamic Bank and their customer. The Musharakah Mutanaqisah (MM) Financing mode has gained popularity in house financing in Malaysia, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully owns the asset after the last financial settlement. This case aims to: illustrate the process of property acquisition using the MM financing mode; account the various transactions involved in MM financing; account capitalisation of acquisition costs; recognise and disclose financial assets/liabilities; and determine Fair value of the MM assets. Users of the case are assumed to be familiar with the various regulatory requirements and theoretical foundation of the "accounting for Islamic Financial transactions" from reporting perspectives of IFRS/MFRS (International Financial Reporting Standards/Malaysian Financial Reporting Standards) and the AAOIFI (Accounting and Auditing Organization for lslamic Financial lnstitutions).

  • Publication
    The implementation of internal control system among Malaysian credit co-operatives
    Aishah Ariffin; Farahaini Mohd Hanif; Salwana Ali; Nor Alyani Abdul Razak; Zulkarnain Muhamad Sori (Maktab Koperasi Malaysia, 2016)

    This study aims to examine the perception on internal control system (ICS) practices among Malaysian credit co-operatives. Specifically, this study provides input to those who are involved in developing ICS in co-operative namely, the Board Members (BOARD), Internal Audit Committee (IAC) and management staff. Using Malaysian Co-operative Societies Commission (MCSC) definition on classification of co-operatives, four groups of respondent cooperatives based on size of cooperatives were developed i.e. micro, small, medium and large. After eliminating with incomplete data, 536 co-operatives were selected to be included in this study, where, two questionnaires were mailed to co-operatives' BOD and IAC. After three follow up procedure, 22% of the respondents returned the questionnaire. To compliment the questionnaire analysis, a case study on four co-operatives using unstructured interview questions was conducted. The data was analysed based on three themes namely ICS awareness, readiness and practices. It was found that the majority of respondents are highly aware on the importance of ICS and they believed that ICS should associate with monitoring activities. Consistently, the large majority of the respondents pointed out that, their co-operatives are ready to perform ICS in the perspective of human resource, knowledge, and training. On the other hand, the majority of Malaysian credit co-operatives are not ready to provide sufficient financial resources to appoint competent and skilled staff. Finally, the majority of the respondents (> 80 percent) have performed 60 percent of the ICS components presented to them. Also, 56 percent of the respondents submitted periodic report to the MCSC as required by the law. These findings indicate that Malaysia credit co-operatives are aware and ready to perform ICS towards good governance in the interest of their members.