Got a tricky question? Receive an answer from students like you! Try us!

The Lack of an internal audit department in a company called Mawarid Islamic finance in the UAE - Research Paper Example

Only on StudentShare
Author : abdullahnolan

Summary

This proposal looks at the related problems of the lack of internal audit department in a company called Mawarid Islamic finance in the UAE. Mawarid Finance is an Islamic financing company established in 2006 in Dubai, United Arab Emirates with a paid up capital of AED 1 billion, and it is part of the financing industry…

Extract of sample
The Lack of an internal audit department in a company called Mawarid Islamic finance in the UAE

In accordance with the issues discussed in the paper Mawarid Finance’s strategy focuses on supporting and developing the national economy through the provision of Islamic financial services and products for small and medium enterprises (SMEs), which form the backbone of a nation’s economy, to enable them to develop, grow stronger and faster. The organization specializes in developing Shariah complaint economical or financial services. It provides eMurabaha that allows its clients to buy the goods offline or online; financing for the purchase of the items; letter of guarantee covering bib; online labor guarantees, and advance payment bonds, together with guarantees for the retention monies, customs duty, labor, home financing, maintenance. Moreover, it offers vehicle and property financing for people, and different services to the corporate sector, which include working capital, assets, deposits, trading activities and financing projects. Mawarid Finance is the only UAE’s financial institution that is absolutely independent. However, in an attempt to ensuring that it hands itself operational independence, we find that the distribution of its shares has been done across over three hundred and fifty shareholders, whereby organizations or even companies own less than five percent each of the capital there is no stake of an individual shareholder that is more than two and half percent. ...
Download paper

Related Essays

Islamic Finance
The paper tells that despite the upheavals and mayhem that exists between the Islamic world and the United Kingdom, as peculiar as it may seem, it is wise to say that Islamic banking and finance has found its way in the United Kingdom. Islamic finance is the basis of Islamic banking system. Laying its foundation on the rules and principles of Sharia, commonly known as the Islamic law, this offers Islamic finance its very unique and competent features. As much as Islamic Banking has its challenge and opportunity, many western bankers have sort to involve themselves in this growing business.…
9 pages (2259 words)
Finance: Audit and Assurance
One of the major scandals that the United States has witnessed with respect to corporate involves the Enron scandal and as such, a number of measures have been put in place to build trust in corporate affairs. According to Gray and Manson (2011; 22) auditing has been used for a number of years to provide surety for honest dealing in company affairs but this measure falls short taking into consideration that auditors have been found to be colluding with business leaders to perpetrate fraudulent acts. Presently, besides auditing, assurance engagement has been made part of business operations in…
7 pages (1757 words)
Articles Relating to the Lack of an Internal Audit Department in a Company in the UAE
It also means that the individuals involved do not assess their individual work or even that of those that they are answerable to. There should be a disclosure of any possible or real conflicts of interest that appear to hamper a straightforward and impartial assessment. The internal audit resources have also seen expansion for the purposes of satisfying the increasing demand for the services to facilitate financial report and internal control’s executive certifications. In the future years, it might be expected of the internal auditors to broaden their role to responsibilities such as the…
7 pages (1757 words)
Audit and Internal Control Issues
In the next section, the report identifies the tests of controls to be performed for obtaining sufficient appropriate audit evidence in relation to purchases made during a year. Lastly, the report discusses the substantive procedures, which are to be carried out for the purpose of obtaining reasonable assurance as to the reliability and correctness of the information pertaining to inventory in the financial statements of the company. A. Key Business Risks, Possible Consequences and Risk Mitigating Strategies Since the company is going through a declining phase as far as profitability and sales…
6 pages (1506 words)
A report entitled "Audit concentration :lack of competition in the large company audit market"
The Big Four Companies audit almost all the companies under FTSE 100 and FTSE 350. The report elaborates whether the auditing of the large companies in the hands of the Big Four companies are a matter of concern or not (“Big Four find Competition Commission audit conclusions Lacking”). Though the plan of CC was not successful but there was question whether other audit companies are to be given the chance of auditing the large companies. The report throws light on the concerns that can be raised against the operation of the Big Four companies (Burgess 234). Plan of Competition Commission…
6 pages (1506 words)
Islamic Finance
In capitalism individuals have more choices where individuals are free to make decisions about their life, family, political involvement and business. In socialism individuals are not in control of their own decisions. In contrast to capitalism and communism; Islamic system also allows free decision making to individual until Islamic teachings and principles are not violated. In Islamic economic system individuals are required to take care of Islamic norms and values that do their actions and decision justify Islamic teachings or not? If individual’s actions are acceptable according to…
6 pages (1506 words)
Internal Audit Deparment Background description about TJX Company.
Similarly, the audit department is involved in making optimal recommendations on the improvements that should be established to the senior management and audit committee. The audit director of TJX reports to John Caban in updating him on the auditing process and plans that need to be implemented (TJX.com, 2). John Caban is supposed to report to the CFO of TJX company who is known as Scott Goldenburg. In addition, Caban is responsible of approving the audit plan prepared by the audit department. Similarly, the chief audit chief is responsible of updating the audit department of the organization…
4 pages (1004 words)