Investment House Strategy and Controllership: The Management of Portfolios Delegated to Discretionary Agents : A Joint Practitioner-Academic Researc

Investment House Strategy and Controllership establishes the need for accounting 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 three-level discourse with the practitioner and religious experts. The book concludes with an examination of the implications for Shariah boards / internal auditors, external auditors and their liabilities and degree of independence and the development of Islamic accounting and auditing standards.