Audit Manager, Internal Shariah Audit

Job Purpose:

• Assist, Head ISA in preparation of quarterly presentations for Board Audit Committee (BAC), Shariah Board (SB)/ Internal Shariah Supervision Committee (ISSC), and MBO Review with CEO.

  
  

• Contributes to the Examination and evaluation of the adequacy and effectiveness of Shariah Governance and Internal Controls of Islamic businesses, departments and activities, relating to compliance with resolutions (Fatawa), guidelines and instructions issued by the Shariah Board/ Internal Shariah Supervision Committee (ISSC), State Bank of Pakistan and Central Bank of UAE Higher Shariah Authority (CBUAE HSA) as applicable.

  
  

Key Result Areas:

Internal Shariah Audit (ISA)

• Conduct Shariah field audits/reviews, in accordance with the agreed Internal Shariah Audit plan, in an efficient and effective manner, covering Islamic products, service forms, transactions, etc. as per the Shariah audit procedures laid down in the approved Audit Program (BPRA) and maintain required audit work papers.

• Discuss with Audit Manager/Head ISA Shariah audit coverage during the planning of the Shariah audit and document the same in the APM. Develop and update the BPRA for the Shariah compliance coverage.

• Manage Shariah Audit team (comprising 2 – 3 members) as Shariah Auditor In charge to execute audits with focus on the processes under review and effectively communicate with the Unit Management to improve deficiencies and identify opportunities for improvements.

• Develop Shariah Audit action plan and present for discussions and acceptance in Exit meetings at end of Shariah audit for common understanding on issues and agree to appropriate steps to be taken by the unit to ensure these do not re-occur.

• Provide inputs during GRAM and annual planning exercise for Shariah Audit Entities based on evaluation of processes/activities/systems relating to Islamic products & services and agree it with Head ISA.

• Conduct regular follow-up with management for timely implementation of Shariah action plans.

• Coordinate with Internal Audit team and exchange relevant information, findings, reports etc.

• Contribute effectively to the preparation of SB/ISSC Meeting presentation along with ISA Action Plan status report.

• Make amendments to the Shariah audit plan, under the supervision Head ISA, as and when advised and circulate the revised plan.

• As custodian of GRAM, consolidate and maintain annual GRAM Score sheets for ISA.

• Contribute effectively to the preparation of quarterly BAC meeting presentation with inputs from IAG.

• Contribute effectively to the preparation of quarterly ISA MBO Review presentation.

• Assist Head ISA in preparation & consolidation of Annual ISA Plan with inputs from IAG.

• Assist in revising, updating & maintaining Internal Shariah Audit Manual.

• Update, manage and maintain ISA Intranet pages on Mashreq Intranet.

Operating Environment, Framework and Boundaries, Working Relationships:

• Independent of business groups, conduct Shariah audit for all applicable units of the bank to report on the effectiveness of internal controls and recommend improvements in controls.

  
  

• Shariah Audits are carried out in accordance with the department’s risk-based auditing techniques and procedures. These systems and procedures are changed according to the changing requirements of the bank. All operational functions of the bank are covered within the audit scope.

  
  

• A good working relationship is essential to carry out audits and get acceptance for the recommendations on further improvement.

  
  

Problem Solving:

As a Shariah Auditor, resolve various tactical issues relating to audit findings with auditees including Manager of the Units or Line Manager at H.O. in order to achieve their total acceptance which is considered essential to take corrective steps to address issues.

Decision Making Authority & Responsibility:

• Assign risk rating of Units independently which is later finalized after discussion with Head of Shariah Audit and Head of the Division.

  
  

• Finalize audit reports and Action Plans.

  
  

• Assist in preparing the Shariah audit plan and resource allocation.

  
  

Knowledge, Skills and Experience:

• CA /CPA/ ACCA/MBA in Finance & Accounting preferably with CIA / Banking Diploma

  
  

• University degree in Islamic Shari'ah, or relevant specializations and professional certification such as CSAA in Shariah and Islamic Banking Audit from AAOIFI/CIBAFI.

  
  

• 5– 7 years’ experience in audit department of a bank / audit firm of which at least 5 years in the field of Shariah audit.