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EXPLORING UNDERGRADUATE STUDENTS’ AWARENESS OF INTERNAL SHARIAH AUDITING IN MALAYSIA
Corresponding Author(s) : Azam Abdelhakeem Khalid
Humanities & Social Sciences Reviews,
Vol. 7 No. 1 (2019): January
Abstract
Purpose of the study: It is the goal of this study to explore selected Malaysian public universities undergraduates’ awareness and knowledge level of internal Shariah audit.
Methodology: The research used the quantitative approach of the survey. A survey was administrated to undergraduate students in accounting and finance programs in selected Malaysian public universities.
Main Findings: The results of this research may indicate the level of knowledge and awareness among accounting students in selected Malaysian public universities. The outcomes of this research could serve as a reference point for the public universities, regulatory and professional bodies in evaluating the execution of a complete internal Shariah audit’s framework. This research will help to enhance the accounting courses offered by selected Malaysian public universities.
Applications of this study: This research may provide the accounting students and professional accountants the understanding of the importance of internal Shariah auditing in Malaysian IFIs.
Novelty/Originality of this study: Awareness of Internal Shariah Auditing in public universities in Malaysia has not been extensively studied.
Keywords
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- AAOIFI. (2010). Accounting, Auditing and Governance standards for Islamic financial institution.Manama, Bahrain. AAOIFI Publications para. 3-5, page No.22.
- Rahman, A. R. A. (2010). Shariah audit for Islamic financial services: The needs and challenges. The Journal of Muamalat and Islamic Finance Research, 133-146.
- Ali, N. A. M., & Shafii, Z. (2014). The Undergraduates' Perspective on Shariah Audit in Islamic Banks. Gading Journal for the Social Sciences, 18(01), 1-20.
- Amin, H., Rahim Abdul Rahman, A., & Ramayah, T. (2009). What makes undergraduate students enroll in an elective course? The case of Islamic accounting. International Journal of Islamic and Middle Eastern Finance and Management, 2(4), 289-304. DOI: https://doi.org/10.1108/17538390911006359
- BNM (2011). Shariah Governance Framework for Islamic Financial Institution (SGF). Adapted from websitehttp://www.bnm.gov.my. Accessed on 18 May 2019.
- Halim, H. A. (2017). Understanding and Awareness of Islamic Accounting: The Case of Malaysian Accounting Undergraduates. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(4), 33-39. DOI: https://doi.org/10.6007/IJARAFMS/v7-i4/3401
- Haniffa, R. (2010). Auditing Islamic financial institutions. Islamic finance: instrument and market: Qfinance. Page No. 109-112.
- Hanefah, M. M. (2012). Governance and Shariah Audit in Islamic Financial Institutions. USIM Publisher, Page No. 143.
- Karim, R. A. A. (1990). The independence of religious and external auditors: the case of Islamic banks. Accounting, Auditing & Accountability Journal, 3(3). Page No. 34-44. DOI: https://doi.org/10.1108/09513579010004097
- Kasim, N., Ibrahim, M., Hameed, S., & Sulaiman, M. (2009). Shariah auditing in Islamic financial institutions: exploring the gap between the" desirable" and the" actual". Global Economy & Finance Journal, 2(2), 127-137.
- Khan, Muhammad Akram, Role of the Auditor in an Islamic Economy (1985). Journal of King Abdulaziz University: Islamic Economics, Vol. 3, No. 1, 1985. Available at SSRN: https://ssrn.com/abstract=3115943.
- Khalid, A. A., Haron, H., & Masron, T. A. (2018). Competency and effectiveness of internal Shariah audit in Islamic financial institutions. Journal of Islamic Accounting and Business Research, 9(2), 201-221. DOI: https://doi.org/10.1108/JIABR-01-2016-0009
- Khalid, A. A., Haron, H. H., & Masron, T. A. (2017). Relationship between internal Shariah audit characteristics and its effectiveness. Humanomics, 33(2), 221-238. DOI: https://doi.org/10.1108/H-11-2016-0084
- Najeeb, S. F., & Mohamed Ibrahim, S.H. (2013). Professionalizing the role of shari’ah auditors: How Malaysia can generate economic benefits. Pacific-Basin Finance Journal, 30. DOI:10.1016/j.pacfin.2013.10.009 DOI: https://doi.org/10.1016/j.pacfin.2013.10.009
- Othman, R., Ameer, R., & Choudhury, M. (2015). Conceptualizing the duties and roles of auditors in Islamic financial institutions: what makes them different? Humanomics, 31(2). Page No. 201-213. DOI: https://doi.org/10.1108/H-04-2013-0027
- PwC. (2011). Shari’ah Audit: Industry Insights. PriceWaterhouseCoopers Malaysia. (Adapted from the website at www.pwc.com/my) Accessed on 18 May 2019.
- Shafii, Z., Salleh, S., Hanefah, H. M. M., & Jusoff, K. (2013). Human Capital Development in Shariah Audit. Middle East Journal for Scientific Research, Page No. 28-34.
- Shahul, H., & Yaya, R. (2005). The objectives and characteristics of Islamic accounting: Perceptions of the Malaysian accountants and accounting academics. Malaysian Accounting Review (4)1. Page No. 75-92.
- Stewart, J., & Subramaniam, N. (2010). Internal audit independence and objectivity: emerging research opportunities. Managerial Auditing Journal, 25(4), 328-360. DOI: https://doi.org/10.1108/02686901011034162
- Yaacob, H. (2012). Issues and challenges of shari’ah audit in Islamic financial institutions: a contemporary view. 3rd International Conference on Business And Economic Research ( 3rd ICBER 2012 ) Proceeding 12 - 13 March 2012. Golden Flower Hotel, Bandung, Indonesia.
- Yaacob, H., & Donglah, N.K. (2012). Shari’ah audit in Islamic financial institutions: The postgraduates’ perspective. International Journal of Economics and Finance , 4(12), 224–239. doi:10.5539/ijef.v4n12p224 DOI: https://doi.org/10.5539/ijef.v4n12p224
- Yaacob, H., Shafeek, F., & Hairul Nahar, H.S. (2013). Exploring undergraduate students’ understanding of shari’ah based audit: Implications for the future of shari’ah auditinglabor market in Brunei. Asian Journal of Finance & Accounting, 5(2), 84. doi:10.5296/ajfa.v5i2.4039. DOI: https://doi.org/10.5296/ajfa.v5i2.4039
- Yahya, Y., & Mahzan, N. (2012). The Role of Internal Auditing In Ensuring Governance in Islamic Financial Institution (IFI). 3rd International Conference on Business And Economic Research ( 3rd ICBER 2012 ) Proceeding 12 - 13 March 2012. Golden Flower Hotel, Bandung, Indonesia.
- Yussof, S. A. (2013). Prospects of a shariah audit framework for Islamic financial institutions in Malaysia. Islam and Civilisational Renewal (ICR), 4(1). Page No. 1-23. DOI: https://doi.org/10.12816/0009724
References
AAOIFI. (2010). Accounting, Auditing and Governance standards for Islamic financial institution.Manama, Bahrain. AAOIFI Publications para. 3-5, page No.22.
Rahman, A. R. A. (2010). Shariah audit for Islamic financial services: The needs and challenges. The Journal of Muamalat and Islamic Finance Research, 133-146.
Ali, N. A. M., & Shafii, Z. (2014). The Undergraduates' Perspective on Shariah Audit in Islamic Banks. Gading Journal for the Social Sciences, 18(01), 1-20.
Amin, H., Rahim Abdul Rahman, A., & Ramayah, T. (2009). What makes undergraduate students enroll in an elective course? The case of Islamic accounting. International Journal of Islamic and Middle Eastern Finance and Management, 2(4), 289-304. DOI: https://doi.org/10.1108/17538390911006359
BNM (2011). Shariah Governance Framework for Islamic Financial Institution (SGF). Adapted from websitehttp://www.bnm.gov.my. Accessed on 18 May 2019.
Halim, H. A. (2017). Understanding and Awareness of Islamic Accounting: The Case of Malaysian Accounting Undergraduates. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(4), 33-39. DOI: https://doi.org/10.6007/IJARAFMS/v7-i4/3401
Haniffa, R. (2010). Auditing Islamic financial institutions. Islamic finance: instrument and market: Qfinance. Page No. 109-112.
Hanefah, M. M. (2012). Governance and Shariah Audit in Islamic Financial Institutions. USIM Publisher, Page No. 143.
Karim, R. A. A. (1990). The independence of religious and external auditors: the case of Islamic banks. Accounting, Auditing & Accountability Journal, 3(3). Page No. 34-44. DOI: https://doi.org/10.1108/09513579010004097
Kasim, N., Ibrahim, M., Hameed, S., & Sulaiman, M. (2009). Shariah auditing in Islamic financial institutions: exploring the gap between the" desirable" and the" actual". Global Economy & Finance Journal, 2(2), 127-137.
Khan, Muhammad Akram, Role of the Auditor in an Islamic Economy (1985). Journal of King Abdulaziz University: Islamic Economics, Vol. 3, No. 1, 1985. Available at SSRN: https://ssrn.com/abstract=3115943.
Khalid, A. A., Haron, H., & Masron, T. A. (2018). Competency and effectiveness of internal Shariah audit in Islamic financial institutions. Journal of Islamic Accounting and Business Research, 9(2), 201-221. DOI: https://doi.org/10.1108/JIABR-01-2016-0009
Khalid, A. A., Haron, H. H., & Masron, T. A. (2017). Relationship between internal Shariah audit characteristics and its effectiveness. Humanomics, 33(2), 221-238. DOI: https://doi.org/10.1108/H-11-2016-0084
Najeeb, S. F., & Mohamed Ibrahim, S.H. (2013). Professionalizing the role of shari’ah auditors: How Malaysia can generate economic benefits. Pacific-Basin Finance Journal, 30. DOI:10.1016/j.pacfin.2013.10.009 DOI: https://doi.org/10.1016/j.pacfin.2013.10.009
Othman, R., Ameer, R., & Choudhury, M. (2015). Conceptualizing the duties and roles of auditors in Islamic financial institutions: what makes them different? Humanomics, 31(2). Page No. 201-213. DOI: https://doi.org/10.1108/H-04-2013-0027
PwC. (2011). Shari’ah Audit: Industry Insights. PriceWaterhouseCoopers Malaysia. (Adapted from the website at www.pwc.com/my) Accessed on 18 May 2019.
Shafii, Z., Salleh, S., Hanefah, H. M. M., & Jusoff, K. (2013). Human Capital Development in Shariah Audit. Middle East Journal for Scientific Research, Page No. 28-34.
Shahul, H., & Yaya, R. (2005). The objectives and characteristics of Islamic accounting: Perceptions of the Malaysian accountants and accounting academics. Malaysian Accounting Review (4)1. Page No. 75-92.
Stewart, J., & Subramaniam, N. (2010). Internal audit independence and objectivity: emerging research opportunities. Managerial Auditing Journal, 25(4), 328-360. DOI: https://doi.org/10.1108/02686901011034162
Yaacob, H. (2012). Issues and challenges of shari’ah audit in Islamic financial institutions: a contemporary view. 3rd International Conference on Business And Economic Research ( 3rd ICBER 2012 ) Proceeding 12 - 13 March 2012. Golden Flower Hotel, Bandung, Indonesia.
Yaacob, H., & Donglah, N.K. (2012). Shari’ah audit in Islamic financial institutions: The postgraduates’ perspective. International Journal of Economics and Finance , 4(12), 224–239. doi:10.5539/ijef.v4n12p224 DOI: https://doi.org/10.5539/ijef.v4n12p224
Yaacob, H., Shafeek, F., & Hairul Nahar, H.S. (2013). Exploring undergraduate students’ understanding of shari’ah based audit: Implications for the future of shari’ah auditinglabor market in Brunei. Asian Journal of Finance & Accounting, 5(2), 84. doi:10.5296/ajfa.v5i2.4039. DOI: https://doi.org/10.5296/ajfa.v5i2.4039
Yahya, Y., & Mahzan, N. (2012). The Role of Internal Auditing In Ensuring Governance in Islamic Financial Institution (IFI). 3rd International Conference on Business And Economic Research ( 3rd ICBER 2012 ) Proceeding 12 - 13 March 2012. Golden Flower Hotel, Bandung, Indonesia.
Yussof, S. A. (2013). Prospects of a shariah audit framework for Islamic financial institutions in Malaysia. Islam and Civilisational Renewal (ICR), 4(1). Page No. 1-23. DOI: https://doi.org/10.12816/0009724