Purpose The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution's (IFI's) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting...

This chapter is written by Supiah Salleh, Mustafa Mohd Hanefah, Zurina Shafii and Muhammad Iqmal Hisham Kamaruddin from Universiti Sains Islam Malaysia (USIM). It explains the perceptions of the internal auditors (Shariah auditors), regulators (BNM), Shariah committee, Shariah officers, external...

This chapter is written by Muhammad Iqmal Hisham Kamaruddin, Mustafa Mohd Hanefah and Zurina Shafii from Universiti Sains Islam Malaysia (USIM). The chapter aims to assess the gaps that exist between the requirements outlined by Malaysia accounting standards (MAS) with AAOIFI’s Financial...