The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements.
The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements.
The Accounting and Auditing Organization for Islamic Financial Institutions established on Safar 1, 1410 Hijri (February 26, 1990) at Algiers and registered in Bahrain on Ramadan 11, 1411 Hijri (March 27, 1991) has so far (April, 2004) set the following Financial Accounting Standards, Auditing Standards, Governance Standards & Code of Ethics for Accountants & Auditors of Islamic Financial Institutions:
□ Financial Accounting Standard:
FAS Number Title
1. General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institututions
2. Murabaha and Murabaha to the Purchase Orderer
3. Mudaraba Financing
4. Musharaka Financing
5. Disclosure of Bases of Profit Allocation Between Owners’ Equity and Investment Account Holders
6. Equity of Investment Account Holders and Their Equivalent
7. Salam and Parallel Salam
8. Ijarah and Ijarah Muntahia Bittamleek
9. Zakah
10. Istisna’a and Parallel Istisna’a
11. Provisions and Reserves
12. General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies
13. Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies
14. Investment Funds
15. Provisions and Reserve in Islamic Insurance Companies
16. Foreign Currency Transactions and Foreign Operations
17. Investments
18. Islamic Financial Services Offered by Conventional Financial Institutions
19. Contributions in Islamic Insurance Companies
20. Deferred Payment Sale
□ Auditing Standard:
AS Number Title
1. Objective & Principles of Auditing
2. The Auditors Report
3. Terms of Audit Engagement
4. Testing for compliance with Shari’a Rules and Principles by an external Auditor
5. The Auditor’s Responsibility to consider Fraud & Error in an Audit Financial Statements.
□ Governance Standard:
GS Number Title
1. Shari’a Supervisory Board:
The Accounting and Auditing Organization for Islamic Financial Institutions established on Safar 1, 1410 Hijri (February 26, 1990) at Algiers and registered in Bahrain on Ramadan 11, 1411 Hijri (March 27, 1991) has so far (April, 2004) set the following Financial Accounting Standards, Auditing Standards, Governance Standards & Code of Ethics for Accountants & Auditors of Islamic Financial Institutions:
□ Financial Accounting Standard:
FAS Number Title
1. General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institututions
2. Murabaha and Murabaha to the Purchase Orderer
3. Mudaraba Financing
4. Musharaka Financing
5. Disclosure of Bases of Profit Allocation Between Owners’ Equity and Investment Account Holders
6. Equity of Investment Account Holders and Their Equivalent
7. Salam and Parallel Salam
8. Ijarah and Ijarah Muntahia Bittamleek
9. Zakah
10. Istisna’a and Parallel Istisna’a
11. Provisions and Reserves
12. General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies
13. Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies
14. Investment Funds
15. Provisions and Reserve in Islamic Insurance Companies
16. Foreign Currency Transactions and Foreign Operations
17. Investments
18. Islamic Financial Services Offered by Conventional Financial Institutions
19. Contributions in Islamic Insurance Companies
20. Deferred Payment Sale
□ Auditing Standard:
AS Number Title
1. Objective & Principles of Auditing
2. The Auditors Report
3. Terms of Audit Engagement
4. Testing for compliance with Shari’a Rules and Principles by an external Auditor
5. The Auditor’s Responsibility to consider Fraud & Error in an Audit Financial Statements.
□ Governance Standard:
GS Number Title
1. Shari’a Supervisory Board: