Senior Officer Shari'ah Audit – Audit Risk

Required Skill Set:

• Good interpersonal and communication skills
• Analytical skills, critical thinking, and multi-tasking
• Ability to work under pressure, problem-solving skills, and decision making
• Thorough knowledge of regulatory requirements, operations, policies & procedures, and internal controls
• Basic understanding of Islamic Banking
• Well versed in MS Office

Job Responsibilities:

• Assist Manager in the discharge of his/her assigned duties and act as immediate successor in case of the absence of Manager Shari'ah Audit.
• Provide feedback in the preparation and regular updating of Procedures Manuals, Audit Checklists, Risk Assessment Mechanism, or any other templates/mechanisms for the performance of Internal Shari'ah Audit Function (ISAF).
• Implement Internal Audit Policy, Charter of ARRG related to Internal Shari'ah Audit Function, Internal Shari'ah Audit Manual, Internal Shari'ah Audit Checklist, and Risk Assessment Mechanism.
• Maintain data required for Shari'ah Audit Risk Assessment available with the ISAF Office.
• Prepare internal Shari'ah audit risk assessment and Annual Shari'ah Audit Plan (ASAP).
• Identify and recommend to Manager Shari'ah Audit any revisions/changes in the ASAP along with justifications during the audit cycle.
• Ensure timely execution of Internal Shari'ah Audits in line with the approved ASAP.
• Gather information affecting internal Shari'ah audit planning and execution from various sources including ACOB/SB instructions, SharePoint Portal, SBP and SECP circulars related to Shari'ah rules and principles.
• Prepare Internal Shari'ah Audit Engagement Plan by identifying major risk areas, analyzing gathered information, and selecting items for testing.
• Send First Information/Record Request to auditee management for starting Internal Shari'ah audit and maintain a track log of requested information.
• Perform Internal Shari'ah audit in accordance with the approved Internal Shari'ah Audit Engagement Plan. Add or increase sample or audit tests if deemed appropriate.
• Prepare progress reports of Internal Shari'ah Audits as per ASAP on a monthly basis and forward them to Manager Shari'ah Audit.
• Report potential fraud and forgery cases detected (if any) during Internal Shari'ah audit to Manager Shari'ah Audit after necessary investigation of related facts.
• Ensure all related tests in the Shari'ah Audit Checklist are performed appropriately on the items selected for testing.
• Perform audit tests on increased samples where exceptions exceed the tolerable risk level.
• Review and recommend to Manager the inclusion of new audit tests, exceptions, annexures, or other changes in the Shari'ah Audit Checklist to address existing, new, or amended Shari'ah rules and principles communicated by the SB of the Bank and/or SBP.
• Check compliance of previous Internal Shari'ah audit reports and ensure reported exceptions are truly rectified within the given time frame; report cases of non-rectification and false rectification.
• Ensure completeness of assignments within the allocated time and request extra days with justification from Manager Shari'ah Audit if needed.
• Ensure working papers of Internal Shari'ah Audit include appropriate audit evidence to corroborate audit activities performed and conclusions reached.
• Prepare Internal Shari'ah Audit Report along with an executive summary; discuss the same with the auditee and obtain acceptance/feedback.
• Forward the Internal Shari'ah Audit report and executive summary to Manager Shari'ah Audit for review/sign-off; ensure resolution of any queries raised during review.
• Maintain MIS, records, and archiving of data/soft copies of all reports and information pertaining to ISAF as per Bank's policy.
• Prepare and forward relevant information and data for revenue and capital expenditure budget preparation.
• Perform any other job assigned by Manager Shari'ah Audit.

Qualification:

Member of a recognized professional body, partly qualified accounting professional, or a Master's/Bachelor's Degree holder from a recognized university or equivalent. Certification in Islamic Banking is preferable.

Location:
Lahore

Experience:
1 to 2 years of experience in audit, branch banking, finance, or compliance, preferably at a financial institution