WorksheetsShariah Audit
Total questions: 10
Worksheet time: 3mins
What is the main objective of a Shariah audit?
To increase bank profits
To ensure compliance with Islamic law
To detect fraud only
To prepare financial statements
Which prohibited element must be avoided in Shariah-compliant activities
Zakat
Transparency
Riba
Accountability
Shariah audit focuses on both financial accuracy and ethical compliance.
True
False
Which of the following is included in the scope of Shariah audit?
Financial reporting only
Products, contracts, operations, and governance
Tax calculation only
Share price evaluation
Which organisation issues the Shariah Governance Framework (SGF) in Malaysia?
AAOIFI
Securities Commission Malaysia
Bank Negara Malaysia
Islamic Financial Services Board
What is the key difference in audit focus between Shariah audit and conventional audit?
Time taken
Audit fees
Shariah compliance vs financial accuracy
Number of auditors
Which stage of the Shariah audit process involves reviewing contracts and interviewing staff?
Planning
Risk assessment
Fieldwork
Reporting
What action must be taken if income is derived from Shariah non-compliant activities?
Recorded as profit
Deferred to next year
Purified and disposed to charity
Shared with shareholders
Which of the following is a major challenge in Shariah auditing today?
Excessive regulation
Shortage of qualified Shariah auditors
Low demand for Islamic finance
Overuse of technology
What is the full name of AAOIFI and its main function?
Accounting Association of Islamic Financial Institutions – Regulates Islamic banks in Malaysia only
Auditing and Accounting Organisation for Islamic Finance – Sets taxation rules for IFIs
Accounting and Auditing Organization for Islamic Financial Institutions – Develops Shariah, accounting, and auditing standards
Association of Auditors for Islamic Financial Institutions – Conducts external audits for IFIs
