Akuntansi Perbankan

Syariah
Oleh: Farouk Abdullah Alwyni

Seventh Lecture, Perbanas Institute,

20 Juni 2020
 Syllabus
1. Pengantar terkait Perbankan Syariah, Akuntansi Perbankan Syariah, dan Laporan Keuangan Perbankan Syariah

2. Akuntansi Penghimpunan Dana Perbankan Syariah

3. Akuntansi Pembiayaan (Penyaluran Dana) Perbankan Syariah

4. Akuntansi Pembiayaan (Penyaluran Dana) Perbankan Syariah

5. Akuntansi Pelayanan Jasa Bank Syariah

6. Akuntansi Pelayanan Jasa Bank Syariah

7. Akuntansi terkait Pencadangan, Audit Laporan Keuangan, dan Tingkat Kesehatan Perbankan Syariah

8. UAS
 Agenda

 Audit Lembaga Keuangan Syariah

Sumber:
- Chartered Institute of Management Accountants (CIMA), Accounting for Islamic Financial Institutions,
London, 2011.
Auditing Standards for IFIs
 Auditing Standards for IFIs
 The AAOIFI promulgated Auditing Standards for Islamic Financial Institutions (ASIFIs) due to the
unique nature of IFIs;

 Additional disclosure requirements, as well as the different contracts and mechanisms of the IFI,
would require additional audit procedures and evidence of IFI operations for the auditor to provide
reasonable assurance that the IFI activities are Shari’ah compliant;

 The auditing standards are as follows:

 ASIFI No. 1: Objectives & Principles of Auditing;
 ASIFI No. 2: The Auditor’s Report;
 ASIFI No. 3: Terms of Audit Engagement;
 ASIFI No. 4: Testing by an External Auditor for Compliance with Shari’ah Rules & Principles by an External
Auditor;
 ASIFI No. 5: The Auditor’s Responsibility to Consider Fraud and Error in an Audit to Financial Statements.
 Objectives & Principles of Auditing
The primary objective of the auditing of an IFI is to express an opinion as to
whether the financial statements are prepared in all material respects in
accordance with Shari’ah rules & principles, the accounting standards of the
AAOIFI, and the relevant national accounting standards and practices in the
country in which the financial institutions operates;

 Auditors are to conduct themselves in accordance with the provisions as

contained in the Code of Ethics for Professional Accountants issued by AAOIFI
and IFAC, which uphold Islamic ethical principles and codes of conduct;

The conduct of an audit should be in accordance with ASIFIs. The auditor

should plan and perform the audit with professional competence and due
care recognizing the circumstances that may cause the financial statements
to be materially misstated. Any management assertion should take an
evidence-based approach;
 The scope of an audit refers to procedures deemed necessary given the
circumstances to achieve the objectives of the audit;
 The purpose of an audit is to provide reasonable assurance that the financial
statements taken as a whole are free from material misstatement and the
auditor is satisfied that the transactions examined comply with Shari’ah rules
and principles as determined by the Shari’ah board of the financial
institutions;
 Essentially the auditor is responsible for forming and expressing an opinion
on the financial statements. However, management is responsible for
preparing and presenting the financial information in compliance with
Shari’ah rules and principles.
 The Auditor’s Report
A.Basic elements of the auditor’s report
 The auditor should review and assess the conclusions drawn from the audit evidence as the basis
for forming an opinion on the financial statements.

 The basic elements of the auditor’s report are as follows:

(a)Title
(b)Addressee
(c) Opening or introductory paragraph
(d)Scope paragraphs
(e)Reference to ASIFIs and relevant national standards;
(f) Description of the work that the auditor performed;
(g) Opinion paragraph;
(h)Date of report;
(i) Auditor’s address;
(j) Auditor’s signature.
B. Auditor’s responsibilities and duties

 In the opening or introductory paragraph, the report should state that the
management undertakes to ensure the preparation of financial statements and
that the IFI’s operations are in accordance with Shari’ah rules & principles;
 The auditor is responsible only for expressing an opinion on the financial
statements based on the audit;
 In the scope paragraph the report should state that the audit was conducted in
accordance with ASIFIs and relevant national standards or practice where
appropriate, which do not contravene Shari’ah rules and principles;
 The auditor should also describe the audit process in the report and include:

a) An examination, on a test basis, of evidence to support the financial statement amounts and
disclosure;
b) An assessment of the accounting principles used in the preparation of the financial statements;
c) An assessment of the significance estimates made by management in the preparation of the
financial statements;
d) An evaluation of the overall financial statement presentation.
 C. Auditor’s Opinion

 In the opinion paragraph, the report should clearly state the auditor’s opinion
as to whether the financial statements give a ‘true and fair view’ in accordance
with Shari’ah rules and principles as determined by the Shari’ah Supervisory
Board (SSB) of the IFI, the AAOIFI financial reporting framework and accounting
standards, as well as relevant accounting standards and statutory
requirements;
 An unqualified opinion should be expressed when the auditor concludes that
the financial statements give a true and fair view in accordance to the
reporting requirements.
D. Modified reports
 In certain situations the audit report is modified accordingly. However, this modification
could concern matters that either affect or do not affect the auditor’s opinion;
 A going concern or uncertainty with a resolution that is dependent upon future events and
which may affect the financial statements would require the auditor to include a paragraph
on the matter without qualifying the opinion;
 If the matter affects the auditor’s judgment, such as a limitation on the scope of the audit or
a disagreement with management, it will prevent them from providing reasonable
assurance;
 Disagreement with management includes the implementation of Shari’ah rules and
principles, the acceptability of accounting principles and methods or basis of disclosures;
 Modified reports that affect audit opinions could render the opinion to be classified as
follows: qualified opinion, disclaimer of opinion, and adverse opinion.
 Terms of the audit engagement
 The terms of the audit engagement are specified in the audit engagement letter
for financial institutions that conduct their business in accordance with Shari’ah
rules and principles;
 This letter should be communicated and agreed upon prior to the
commencement of the audit engagement;
 The basic content of the engagement letter specify the following:
a) Objective of audit as per Auditing Standards for Islamic Financial Institutions (ASIFI) No.1;
b) Management’s responsibility as per ASIFI No. 1;
c) Management representation;
d) Scope of audit;
e) Form of reports as per ASIFI No. 2;
f) Fees;
g) Agreement of the terms of engagement;
h) Other matters.
 Recurring Audits and Change in Audit Engagement
 In the case of a recurring audit, where the auditor is re-appointed, the client needs
to be aware and agree to any changes required regarding the terms & conduct of
the audit;
 Should circumstances arise during an audit that result in the engagement being
adjusted to provide a lower level of assurance, the appropriateness of such a
change should be considered;
 This may have a legal or contractual implications;
 New terms arising from such changes should be agreeable to both parties;
 If an agreement cannot be reached then the auditor should resign the appointment
after considering the relevant circumstances surrounding the decision.
 Testing by an external auditor for compliance with Shari’ah rules
and principles by an external auditor
 The role of an external auditor to test for Shari’ah compliance is essential and without
that the auditor will not be able to express an opinion that relies on Shari’ah rules and
principles;

 The responsibility and scope of the auditor’s work requires the auditor to be able to
make reference to Shari’ah rules and principles and test for its adoption in IFI products,
process, and systems that are subsequently reported in the financial statements;

 The financial audit is not confined to financial information but also to the processes that
generate such information;

 These processes need to be Shari’ah compliant prior to subsequent reporting in the

financial statements.
Responsibility and Scope of the External Auditor for Compliance
with Shari’ah rules & principles
The auditor is not in a position to interpret Shari’ah rules and principles, but to
use these as a basis to test whether the underlying activities reported in the
financial statements, as well as the manner that these are reported, comply with
them;
The auditor should establish procedures to gather evidence based on available
documents to ensure that all products of the IFI have been subjected to review
by the SSB and that these products are compliant with Shari’ah rules and
principles;
The auditor should also verify that the transactions entered into by the IFI are
consistent with the fatwas, rulings and guidance of the IFI’s SSB;
Communication with the SSB is essential to determine whether the SSB has
indicated that the IFI has Complied with Shari’ah rules & principles, and whether
the auditor concurs and make reference to the SSB’s opinion.
 The Auditor’s Responsibility to Consider Fraud and Error in an
Audit to Financial Statements
The standard provides guidance on the characteristic of fraud and error and the
auditor’s responsibility, defines the minimum procedures in case of indication,
inquiry and discussions relating to fraud and error and provides guidance on
management representations considering fraud and error in an IFI;
The auditor is to express an opinion as to whether the financial statements are
prepared, in all material respects, in accordance with Shari’ah rules and
principles, the accounting standards of AAOIFI and the relevant national
standards and statutory requirements;
Although the auditor is not held responsible for the detection of fraud or error,
the auditor is held responsible if due care and diligence is not exercised, which
in turn leads to negligence and misconduct;
Prevention and detection of fraud is the responsibility of the management and
the Audit and Governance Committee (AGC);
 The Auditor’s Responsibility to Consider Fraud and Error in
an Audit to Financial Statements
The assessment of risk regarding fraud and error should be part of the audit
Procedure;

With particular reference to IFIs, such risks could arise from a lack or lapse
of professional judgment, Interpretation, compliance and application of Shari’ah
rules and principles as well as the level of management assurance on Shari’ah
Compliance, Shari’ah compliant transactions, fund mobilization and asset
allocation and the lack of an internal Shari’ah control system;

 Fraud and error could lead to either a qualified audit opinion or a disclaimer
of opinion.
Terima Kasih !
Farouk Abdullah Alwyni