Assess the continuity and conformity level of Shari’a rules & principles throughout the Internal Shari’a Audit assignments in order to provide a reasonable assurance to the management that Shari’a risk is mitigated to an acceptable residual level.
Key Accountabilities of the role:
Adhere to:
The AAOIFI Standards.
The CBUAE HSA Resolutions
ADIB- ISSC’ Resolutions
The Institute of Internal Audit Standards e.g., independence, objectivity, proficiency and performance of audit work.
The Internal Shari’a Audit objectives, mission and vision.
Perform the internal Shari’a audit assignments/assigned duties efficiently and effectively based on the risk-based Shari’a Audit approach sketched by the line Management and in consultation with Team Leader.
As Shari’a Auditor, the main responsibilities are as follows:
Visiting departments/units subject to Shari’a Audit (Preliminary Survey) based on: Familiarization, Identification of potential areas of improvement, Confirmation, Planning the detailed audit.
Compile, review and summarize Higher Shari’a Authority CBUAE – HAS’s and ADIB Internal Shari’a Supervisory Committee (ISSC') resolutions.
Review of Policy and Procedures related to processes/products.
Develop/review the Shari’a Audit Program and identify/define areas of Shari’a Non-Compliance Risks.
Identify and evaluate the Shari’a Non-Compliance (SNC) Risks. (Prioritize/quantify the SNC, SNC Assessment, Likelihood Rating Scale & Criteria, Impact Rating Scale & Criteria, Overall SNC Score scale, Definition & Criteria, Identify the Shari’a Controls, Prioritize, quantify and evaluate the effectiveness of Shari’a Controls, Obtaining Management Consensus).
Sampling methodology (Extensive Testing, Moderate Testing, Standard Testing).
Prepare Authority Letter.
Conducting opening meeting and presentation to the respective management/s (Introduction, Authority letter/Scope and objectives, Findings/exceptions, Shari’a Audit progress, Cooperative administration).
Formation the Shari’a audit assignments teams (team leader and members).
Use the Shari’a Risk and Control Analysis to determine the Shari’a Audit Approach (Documenting the Shari’a Control, Walk-through of Controls, Evaluating the Effectiveness of Shari’a Compliance Controls, Reviewing the Associated Evidences).
Sampling methodology (Defining the Population, Number of locations, Shari’a Control changes, Setting the Sample Size, Document the Tests to be performed).
