CIPA exam preparation: study modules
Exam-focused notes, worked cases and tough scenario exams across accounting, audit, ethics, regulation and Shari'ah for the CIPA
Advanced · 40 hours · 40 lessons · Language: English and Arabic · ID: IFS-COU-0054
No expiry
This course is ifSPACE's dedicated preparation for the Certified Islamic Professional Accountant (CIPA). The Certified Islamic Professional Accountant (CIPA) is AAOIFI's professional fellowship for accountants and auditors working in Islamic finance. It has covered financial accounting and reporting under the AAOIFI standards, audit, assurance and ethics, the business and regulatory environment of Islamic financial institutions, and the Shari'ah standards and Shari'ah governance an accountant must apply. AAOIFI has restructured the fellowship so that some of these areas are now examined through separate certificates, such as CPFAS and CPSS, alongside a practical experience requirement.
Its ten modules cover the business and regulatory environment of Islamic financial institutions; prudential regulation, capital adequacy, liquidity and risk management; the financial reporting framework and presentation for Islamic financial institutions; financial reporting for financing contracts; financial reporting for investments, investment accounts, sukuk and zakah; audit and assurance in Islamic financial institutions; professional ethics for Islamic accountants and auditors; shari'ah standards every Islamic accountant must apply; shari'ah governance, compliance and internal Shari'ah audit; integrated cases: from Shari'ah structure to financial statements and audit. Each module has exam notes that set out the key rules, conditions, distinctions and the points most often misapplied; three worked scenarios analysed step by step; a slide deck; and a scenario quiz of ten questions with full explanations in English and Arabic.
The course ends with a final mock exam of 100 questions in 150 minutes, drawn from a bank of 200. Every exam on this program follows the same demanding pattern: 70% scenario questions, each a realistic case that asks for the ruling or treatment and the reason for it; 20% knowledge checks on precise rules, conditions and distinctions; and 10% rapid true/false or permissible/impermissible judgements.
This program is independent preparation material written by ifSPACE. ifSPACE is not AAOIFI and is not an AAOIFI-authorised training provider, and the program is not affiliated with, endorsed by or approved by AAOIFI. Completing it does not confer any AAOIFI qualification. All questions are written by ifSPACE; they are not official AAOIFI exam questions and do not reproduce them. AAOIFI may change a qualification's structure, modules and exam format, so check AAOIFI's current requirements before you register. Candidates register for and sit the CIPA exam directly with AAOIFI.
What you will learn
- Explain the business, regulatory and prudential environment of Islamic financial institutions, including capital adequacy, liquidity and risk management.
- Apply the AAOIFI financial accounting standards to financing contracts, investments, investment accounts, sukuk and zakah, with correct measurement and disclosure.
- Plan and assess audit and assurance work in Islamic financial institutions and resolve ethical dilemmas faced by Islamic accountants and auditors.
- Apply the Shari'ah standards and Shari'ah governance requirements that shape the accounting for each transaction.
- Work integrated cases from Shari'ah structure to financial statements and audit, and answer exam-style questions under time pressure.
Syllabus
1.The business and regulatory environment of Islamic financial institutions
- Exam notes: The business and regulatory environment of Islamic financial institutions40 min
- Worked scenarios: The business and regulatory environment of Islamic financial institutions30 min
- Module 1 presentation15 min
- Module 1 scenario quiz25 min
2.Prudential regulation, capital adequacy, liquidity and risk management
- Exam notes: Prudential regulation, capital adequacy, liquidity and risk management40 min
- Worked scenarios: Prudential regulation, capital adequacy, liquidity and risk management30 min
- Module 2 presentation15 min
- Module 2 scenario quiz25 min
3.The financial reporting framework and presentation for Islamic financial institutions
- Exam notes: The financial reporting framework and presentation for Islamic financial institutions40 min
- Worked scenarios: The financial reporting framework and presentation for Islamic financial institutions30 min
- Module 3 presentation15 min
- Module 3 scenario quiz25 min
4.Financial reporting for financing contracts
- Exam notes: Financial reporting for financing contracts40 min
- Worked scenarios: Financial reporting for financing contracts30 min
- Module 4 presentation15 min
- Module 4 scenario quiz25 min
5.Financial reporting for investments, investment accounts, sukuk and zakah
- Exam notes: Financial reporting for investments, investment accounts, sukuk and zakah40 min
- Worked scenarios: Financial reporting for investments, investment accounts, sukuk and zakah30 min
- Module 5 presentation15 min
- Module 5 scenario quiz25 min
6.Audit and assurance in Islamic financial institutions
- Exam notes: Audit and assurance in Islamic financial institutions40 min
- Worked scenarios: Audit and assurance in Islamic financial institutions30 min
- Module 6 presentation15 min
- Module 6 scenario quiz25 min
7.Professional ethics for Islamic accountants and auditors
- Exam notes: Professional ethics for Islamic accountants and auditors40 min
- Worked scenarios: Professional ethics for Islamic accountants and auditors30 min
- Module 7 presentation15 min
- Module 7 scenario quiz25 min
8.Shari'ah standards every Islamic accountant must apply
- Exam notes: Shari'ah standards every Islamic accountant must apply40 min
- Worked scenarios: Shari'ah standards every Islamic accountant must apply30 min
- Module 8 presentation15 min
- Module 8 scenario quiz25 min
9.Shari'ah governance, compliance and internal Shari'ah audit
- Exam notes: Shari'ah governance, compliance and internal Shari'ah audit40 min
- Worked scenarios: Shari'ah governance, compliance and internal Shari'ah audit30 min
- Module 9 presentation15 min
- Module 9 scenario quiz25 min
10.Integrated cases: from Shari'ah structure to financial statements and audit
- Exam notes: Integrated cases: from Shari'ah structure to financial statements and audit40 min
- Worked scenarios: Integrated cases: from Shari'ah structure to financial statements and audit30 min
- Module 10 presentation15 min
- Module 10 scenario quiz25 min