Publisher's Synopsis
External Audit and Corporate Governance in Islamic Banks establishes the need for accounting and auditing standards for Islamic banks and other institutions. After a review of the development of such standards in the West, it is concluded that a similar, but accelerated, process of discourse needs to be undertaken in Islamic countries. The research underlying this book represents an initiation of this process through an interaction between a senior practitioner of an accounting firm and academics. A series of Shariah violations were identified and then used as the basis of a three-level discourse with the practitioner and religious experts. The book continues with an examination of the implications for Shariah boards/internal auditors, external auditors and the development of Islamic accounting and auditing standards. The final chapter places the research into the general context of corporate governance and points to its significance in dealing with current issues of international significance.
