Identify specific financial statement auditing concepts and procedures that could be applied in determining whether an Islamic bank has been Shari’a compliant during a given financial reporting period. Would these concepts and procedures be applied differently in Shari’a compliance audits compared to conventional financial statement audits? Explain.
Answer to relevant QuestionsBriefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit work-papers. Which party “owns” audit work-papers: the client or the audit firm?Lehman’s net leverage ratio was not reported within the company’s audited financial statements but rather in the company’s financial highlights table and MD&A section of its annual report. What responsibility, if any, ...BDO Seidman’s attorneys pointed out correctly that professional standards do not prohibit auditors and client personnel from being “friends.” At what point do such relationships result in violations of the auditor ...Do you believe that the proposal to merge Shari’a compliance audits with financial statement audits is feasible? Defend your answer.Suppose that during your career you discover a fraud similar to that uncovered by Mohamed El-Hadad. List specific measures that you could take to protect yourself from recriminations by your employer or other parties.
Post your question