CPAAGE exam preparation: study modules
Exam-focused notes, worked scenarios and scenario quizzes on AAOIFI's governance standards, auditing standards and Code of Ethics
Advanced · 40 hours · 40 lessons · Language: English and Arabic · ID: IFS-COU-0039
This is the most demanding level of study on ifSPACE: ten modules built around the CPAAGE syllabus and its weighting of Shari'ah governance (60%), the Auditing Standards for Islamic Financial Institutions (20%) and the AAOIFI Code of Ethics (20%). Seven modules cover the governance standards: the Shari'ah governance framework and its hierarchy; the Shari'ah supervisory board; the Shari'ah compliance function and non-compliance risk; internal Shari'ah audit; Shari'ah compliance and fiduciary ratings with ethics implementation; and the governance of sukuk, syndicated financing, waqf and Islamic crowdfunding. Two modules cover the auditing standards, from objectives and principles to external Shari'ah audit, reports and opinions, and the last module covers the Code of Ethics for Islamic Finance Professionals.
Each module has exam notes that set out the key requirements, roles, reporting lines, timing and composition rules and the rules most often misapplied; three complex worked scenarios analysed step by step; a slide presentation; and a scenario quiz of ten difficulty 4-5 questions with full explanations in English and Arabic. The program adds three scenario mock exams (40 questions, 60 minutes each) and a final mock of 100 questions drawn from a bank of 200, to be completed in 150 minutes, with a 70% pass mark.
This is independent preparation material written by ifSPACE. ifSPACE is not AAOIFI and is not an AAOIFI-authorised provider, and the course does not confer any AAOIFI qualification. All questions are written by ifSPACE and are not official AAOIFI exam questions. The content is educational and is not a fatwa.
What you will learn
- Apply the hierarchy of Shari'ah principles and rules and the roles of TCWG, management and the four Shari'ah governance organs under GS 1 (2024), GS 8 and GS 22 to complex cases.
- Evaluate the appointment, composition, independence, decision-making, escalation and reporting of a Shari'ah supervisory board against GS 18 to GS 21.
- Distinguish the Shari'ah compliance function (GS 9) from internal Shari'ah audit (GS 11) and trace a non-compliance finding from detection to remedy and reporting.
- Assess Shari'ah compliance and fiduciary ratings (GS 10 and GS 17), the governance of sukuk, syndication, waqf and crowdfunding, and an institution's ethics framework (GS 16).
- Analyse audit and external Shari'ah audit engagements under the auditing standards, resolve dilemmas under the AAOIFI Code of Ethics, and answer multi-step scenario questions under exam conditions.
Syllabus
1.The Shari'ah governance framework and its hierarchy
- Exam notes: The Shari'ah governance framework and its hierarchy40 min
- Worked scenarios: The Shari'ah governance framework and its hierarchy30 min
- Module 1 presentation15 min
- Module 1 scenario quiz25 min
2.The Shari'ah supervisory board: appointment, decisions and reports
- Exam notes: The Shari'ah supervisory board: appointment, decisions and reports40 min
- Worked scenarios: The Shari'ah supervisory board: appointment, decisions and reports30 min
- Module 2 presentation15 min
- Module 2 scenario quiz25 min
3.The Shari'ah compliance function and non-compliance risk
- Exam notes: The Shari'ah compliance function and non-compliance risk40 min
- Worked scenarios: The Shari'ah compliance function and non-compliance risk30 min
- Module 3 presentation15 min
- Module 3 scenario quiz25 min
4.Internal Shari'ah audit
- Exam notes: Internal Shari'ah audit40 min
- Worked scenarios: Internal Shari'ah audit30 min
- Module 4 presentation15 min
- Module 4 scenario quiz25 min
5.Shari'ah compliance and fiduciary ratings and ethics implementation
- Exam notes: Shari'ah compliance and fiduciary ratings and ethics implementation40 min
- Worked scenarios: Shari'ah compliance and fiduciary ratings and ethics implementation30 min
- Module 5 presentation15 min
- Module 5 scenario quiz25 min
6.Governance of sukuk and syndicated financing
- Exam notes: Governance of sukuk and syndicated financing40 min
- Worked scenarios: Governance of sukuk and syndicated financing30 min
- Module 6 presentation15 min
- Module 6 scenario quiz25 min
7.Governance of waqf and Islamic crowdfunding
- Exam notes: Governance of waqf and Islamic crowdfunding40 min
- Worked scenarios: Governance of waqf and Islamic crowdfunding30 min
- Module 7 presentation15 min
- Module 7 scenario quiz25 min
8.Auditing standards: objectives, principles and external Shari'ah audit
- Exam notes: Auditing standards: objectives, principles and external Shari'ah audit40 min
- Worked scenarios: Auditing standards: objectives, principles and external Shari'ah audit30 min
- Module 8 presentation15 min
- Module 8 scenario quiz25 min
9.Auditing standards: reports, opinions and communication
- Exam notes: Auditing standards: reports, opinions and communication40 min
- Worked scenarios: Auditing standards: reports, opinions and communication30 min
- Module 9 presentation15 min
- Module 9 scenario quiz25 min
10.The Code of Ethics for Islamic finance professionals
- Exam notes: The Code of Ethics for Islamic finance professionals40 min
- Worked scenarios: The Code of Ethics for Islamic finance professionals30 min
- Module 10 presentation15 min
- Module 10 scenario quiz25 min