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The Department of Accounting Studies at the Post-graduate Institute for Accounting and Financial Studies at the University of Baghdad discussed the research titled(The Impact of Sharia Standard No. (61) Payment Cards (Amended) Issued on (AAOIFI) on Financial Statements and Audit Procedures Practical research ) for the student Husham Abd Al Jabar Kadhum to obtain chartered accountant certificate, which is the highest professional certificate in the field of specialization, and its holder enjoys all the rights and privileges of a doctorate degree.
The study aimed to propose accounting treatments for payment card transactions that take into account the amended Shari’a Standard No. (61) on Payment Cards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It also proposed a program for auditing electronic payment activities in Islamic banks to assist external auditors in expressing an impartial technical opinion on the fairness of financial statements. This was achieved by identifying the theoretical framework of the Shari’a standard and payment cards.
The study concluded that the amended Shari’a Standard No. (61) on Payment Cards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) affects the fairness of financial statements. The proposed accounting treatments applied in the research sample resulted in a fairer presentation and disclosure of statements regarding electronic payment activities. The study also concluded that there is no specialized audit program for auditing electronic payment cards that external auditors rely on when conducting audits.
