Publication:
Adoption of the COSO methodology for internal Shari'ah audit
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Said Bouheraoua | |
| dc.contributor.author | Fares Djafri | |
| dc.date.accessioned | 2022-10-20T02:13:46Z | |
| dc.date.available | 2022-10-20T02:13:46Z | |
| dc.date.issued | 2022 | |
| dc.description.abstract | Islamic financial institutions (IFIs) are required to establish a Shari'ah Governance Framework (SGF) to strengthen their Shari'ah compliance mechanism and ensure that all relevant IFI regulations are in line with Shari'ah rules and principles. Effective implementation of the Shari'ah-compliance function will further promote stakeholder confidence, as well as the integrity of IFIs, by reducing Shari'ah non-compliance risks. This study aims to examine the internal control framework developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and explore the extent to which it can be incorporated in the Shari'ah-compliance function of IFIs. This study adopts a qualitative method of inquiry, utilizing the inductive method and content analysis to build comprehensive knowledge that will assist in exploring the framework of COSO methodology and the extent to which it can be adopted by IFIs. The findings indicate that the existing frameworks of Shari'ah governance, whether that of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or Bank Negara Malaysia (BNM), need to be further developed. Therefore, the adoption of COSO methodology in the internal Shari'ah audit of IFIs, as suggested by AAOIFI, is not only possible but desirable. The study also finds that the COSO framework places the highest priority on risk management in that it makes it an integral part of the decision making process in all the institution's activities. As a result, incorporating the comprehensive COSO risk management structure within the Shari'ah-compliance function will enhance risk management in IFIs. | en_US |
| dc.identifier.citation | Bouheraoua, S., & Djafri, F. (2022). Adoption of the COSO methodology for internal Shari'ah audit. ISRA International Journal of Islamic Finance, 14(2), 221-235. https://doi.org/10.1108/IJIF-04-2020-0071 | en_US |
| dc.identifier.doi | https://doi.org/10.1108/IJIF-04-2020-0071 | |
| dc.identifier.issn | 2289-4365 | |
| dc.identifier.uri | https://ikr.inceif.org/handle/INCEIF/3651 | |
| dc.language | English | |
| dc.language.iso | eng | en_US |
| dc.publisher | Emerald Publishing Limited | en_US |
| dc.rights | 2022. International Shari?ah Research Academy for Islamic Finance | |
| dc.source | SEDONA | |
| dc.subject | COSO | en_US |
| dc.subject | IFIs | en_US |
| dc.subject | Internal control | en_US |
| dc.subject | Shari'ah audit | en_US |
| dc.subject | Shari'ah compliance | en_US |
| dc.subject | Shari'ah governance | en_US |
| dc.title | Adoption of the COSO methodology for internal Shari'ah audit | en_US |
| dc.type | Journal Article | en_US |
| dlc.maintopic | Fiqh muamalat | en_US |
| dspace.entity.type | Publication | |
| ikr.doctype | Scholarly Works | |
| ikr.topic.maintopic | Fiqh muamalat | en_US |
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