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OverviewWhile accounting and audit functions are significantly regulated and standardized in conventional financial industries and activities, through the implementation of International Accounting Standards, and International Financial Reporting Standards, as well as other international, regional, and local regulations, this is not the case for Islamic financial organizations. Rather than having their own set of comprehensive accounting or auditing standards or policies, these are based, in some cases, on the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI), the Islamic Financial Services Board (IFSB)’s standards and Shari’ah based local policies. This book is a timely and comprehensive overview of accounting and auditing standards within the doctrine of Shari’ah. It offers a significant contribution to the field and a wealth of technical know-how. It analyzes Islamic accounting and auditing both in theory and practice and from a distinctly international perspective. The chapters are arranged in a systematic and logical way making it easily accessible and engaging. The book evaluates the existing standards and widens the scope of the discourse to include Maqasid al-Shari’ah, Islamic accounting and audit models and standards, as well as, offering practical policy recommendations. The author presents a Shari’ah justified solution to Islamic Accounting and Audit and offers guidance on overcoming the challenges to implementing Islamic Accounting and Auditing Standards. The book is a unique and exhaustive guide and, as such, will be an invaluable resource for academics, researchers, students, policymakers, as well as, practitioners in accounting and auditing firms and financial institutions. Full Product DetailsAuthor: Mohd Ma'Sum BillahPublisher: Taylor & Francis Ltd Imprint: Routledge Weight: 0.460kg ISBN: 9781032063539ISBN 10: 103206353 Pages: 286 Publication Date: 31 May 2023 Audience: College/higher education , Tertiary & Higher Education Format: Paperback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsPart I: Shari’ah Standards of Accounting 1. An introduction to the Islamic Accounting System 2. Islamic Accounting Policies 3. Islamic Accounting Procedures 4. Islamic Accounting vs. Mainstream Accounting 5. Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI’s) Accounting Standards 6. Islamic Accounting Standards: Experience with the Bank Islam Malaysia Berhad (BIMB) and Malaysian Accounting Standards Board (MASBI) 7. Analyzing the MASB’s Accounting Standard 8. Compliance with MASB’s Standard 9. Functions of Account under Islamic Law 10. Types of Accounts Adapted to Islamic Banks 11. Financial Accounting and Reporting for Islamic Financial Institutions 12. Al-Mudarabah Investment Deposit (Fund) 13. Accounting for al-Musharakah Venture Capital 14. Accounting for al-Murabahah 15. Accounting for al-Bay Bithaman al-Ajil (BBA) Financing (Past Experience) 16. Accounting for al-Ijarah 17. Accounting for al-Wakalah Financial Arrangements 18. Accounting for al-Rahnu Financial Arrangement 19. Accounting for Islamic Trade Financing 20. Accounting Treatment of Takaful Products-An Experience 21. Accounting for al-Zakat Part II: Shari’ah Auditing Standards 22. Understanding Islamic Audit and Compliance 23. The significance of an Islamic Audit 24. Auditing Standards under Shari’ah 25. AAOIFI’s Audit Standards 26. Islamic Ethics for an Auditor 27. Role and Responsibilities of an Auditor in Islamic Financial Institutions 28. ConclusionReviewsAuthor InformationMohd Ma’Sum Billah is a Professor of Finance, Insurance, Fintech & Investment at the Islamic Economics Institute, King Abdulaziz University, Kingdom of Saudi Arabia. Tab Content 6Author Website:Countries AvailableAll regions |
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