STANDARDIZATION OF INTERNAL SHARIA AUDIT

Resumo

The significant growth rates of the Islamic economy and the great interest in Islamic financial products and services from among other non-Islamic partners have determined the need to tighten control over the observance of Sharia norms and rules by Islamic Financial Institutions. Internal audit has long established itself as one of the most effective means of internal control and improving the efficiency of organizations. That is why AAOIFI has developed a new standard, “Internal Sharia Audit,” which should form the basis for the operation of the largest IFIs in Malaysia and the Gulf countries. For Russia, this standard is of particular interest in the changing context of financial markets and the redistribution of investment flows. The paper provides a brief overview of the most significant provisions of the presented standard. Details were considered regarding significant changes from the earlier standard released by AAOIFI. Based on the fundamental principles of audit activity, special attention is paid to the organizational independence and objectivity of internal Sharia auditors, as well as to quality control of the audit procedures. As in the standard itself, the paper analyses the requirements for the skill level of internal Sharia auditors