Certified Internal Shari'ah Auditor: study modules
Three short modules on internal Shari'ah audit, from setting up the function to reporting findings
Introductory · 3 hours · 9 lessons · Language: English and Arabic · ID: IFS-COU-0044
Internal Shari'ah audit is the independent team inside an Islamic financial institution that checks whether its activities really follow Shari'ah and the rulings of its Shari'ah supervisory board. These three short modules explain, in plain language, what the function is for and where it sits, how audits are planned and carried out on a risk basis, and how findings are reported, followed up and linked to the Shari'ah compliance function.
Each module has a reading with a worked example, slides, study notes and a short practice quiz. The modules prepare you for the Certified Internal Shari'ah Auditor exam.
This is independent ifSPACE material written in its own words; it is not affiliated with AAOIFI and is not a fatwa.
What you will learn
- Explain what internal Shari'ah audit is for, how it differs from Shari'ah compliance, and to whom it reports
- Describe the charter, manual, risk-based annual plan and the main steps of an audit engagement
- State what engagement and periodic reports contain, their deadlines, and how findings are followed up
Syllabus
1.The internal Shari'ah audit function
- What internal Shari'ah audit is and where it sits20 min
- Module 1 presentation15 min
- Module 1 practice quiz10 min
2.Planning and performing an audit
- Charter, manual, risk-based plan and engagement work20 min
- Module 2 presentation15 min
- Module 2 practice quiz10 min
3.Reporting, follow-up and the compliance function
- Engagement and periodic reports, follow-up and working with compliance20 min
- Module 3 presentation15 min
- Module 3 practice quiz10 min