Modiwl ISF-2208:
Acc, Aud & Gov for Is Finan in
Accounting Auditing and Governance for Islamic Financial Institutions 2023-24
ISF-2208
2023-24
Bangor Business School
Module - Semester 2
15 credits
Module Organiser:
Debbie Gilliland
Overview
This module aims to provide students with the tools to evaluate and apply the key aspects of Islamic Accounting, Auditing and Governance, and assess its importance as a foundation of Islamic banking and finance.
Indicative Content:
• Introduction to Islamic Finance and Islamic Accounting • Objectives, concepts, and disclosure of financial accounting for Islamic Banks • Accounting recognition and measurement concepts for Islamic Banks • Introduction to the Accounting and Auditing Organization for Islamic Financial Institutions • General disclosures in the financial statements • Accounting for the different nominate contracts • Islamic Governance • Islamic Auditing • Ethics for Islamic Finance Professionals
Assessment Strategy
-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
Learning Outcomes
- Analyse the role, responsibilities, and duties of the Shari’ah supervisory board and the Shari’ah Reviewers in Islamic financial institutions
- Apply the comparative differences in the accounting treatments of nominate contracts under International Financial Reporting Standards and AAOIFI accounting standards.
- Describe the linkage of the principles of Shari’ah towards Islamic finance and accounting.
- Evaluate the effectiveness of auditing, governance, and ethics standards applied in Islamic financial institutions in ensuring compliance with Shari’ah principles and discuss their scope.
Assessment method
Coursework
Assessment type
Crynodol
Description
Students will be assigned a group assignment where they must do an article review on a selected topic related to the course. Groups will consist of 3-4 members and will need to report their findings through a 2,500 words (+/-10%) essay. Groups will be a maximum of 4 students. Marks in group assignments are allocated based on both individual contributions and the group's overall performance. Each member needs to specify their individual contribution to the project by identifying a specific task or responsibility that was carried out. The group's overall performance is assessed based on, among others: attainment of assignment objectives, flow between sections, overall presentation of the assignment, and quality of references used.
Weighting
40%
Assessment method
Exam (Centrally Scheduled)
Assessment type
Crynodol
Description
Students will take a three-hour-long examination paper. This paper will consist of two sections. The first section will require students to answer theoretical questions to measure the breadth of understanding of various concepts. The second section will require students to accounting calculation questions.
Weighting
60%