Evaluation of the effectiveness of the internal control system for payment cards in Islamic banks according to the (COSO) framework

Abstract

The research aims to evaluate the effectiveness of the internal control system for payment cards in Islamic banks by proposing and applying a survey list according to the COSO framework to identify shortcomings in the system, which contributes to achieving the objectives of the audit process. The research sample was Al-Tayf Islamic Bank for Investment and Finance as one of the Islamic banks operating in Iraq that issues electronic payment cards. The time limits of the research were the years (2021-2023). The research reached conclusions that the procedures of the internal control system applied in the bank do not cover all operations of the electronic payment department, and also that the risk management department does not identify and evaluate the risks surrounding the electronic payment activity.