Authors : Rosnia Masruki, Khaled Hussainey and Doaa Aly
Abstract: This study focuses on State Islamic Religious Councils (SIRC) in Malaysia which were established for the social welfare under the purview of state enactments in an Islamic setting. The uniqueness of the political system and social values have affected SIRC including their reporting practices. In the interest of public accountability which respects the public to get access information about SIRC as public entities, this study discusses on the mandatory issue of the annual reporting for SIRC from the eyes of SIRC accountants, regulators, auditors and users by interviewing. It was found that the limits of authority between the federal and state governments can best explain why an annual report is not mandatory. Such as lack of enforcement is the main reason for the inconsistency of the annual report disclosure of SIRC. However, since, most SIRC accountants claim that they are becoming more aggressive in issuing annual reports, it would seem that now is a good time to propose the adoption of best practice reporting framework that meets the expectations of various stakeholders as posits in public accountability notion. As such, this study is able to provide empirical contributions to the Accounting literature on regulatory framework.
Rosnia Masruki, Khaled Hussainey and Doaa Aly, 2018. Mandatory Reporting Issues in Malaysian State Islamic Religious Councils (SIRC): Evidence from Interviews. Journal of Engineering and Applied Sciences, 13: 2092-2097.