Islamic finance is a complex of banking, financial and insurance activities carried out in accordance with the dictates of Islamic law (shari'a) and which can be framed in the broader genus of ethical or sustainable finance.
Since its inception, but especially in the last thirty years, it has experienced constant and surprisingly rapid growth. However, the rise of Islamic finance has remained confined to some specific geographic realities, failing, at least for the moment, to establish solid roots in the European, Australian or American markets.
Although Islamic finance began to appear on the European scene as early as the early 2000s, the response of the states was, in general and with some relevant exceptions, rather disappointing.
In Italy, for example, the spread of this phenomenon is hindered by the absence of regulatory frameworks, by a distorted narrative and communication as well as by technical and cultural barriers.
This work aims to be a reflection on various aspects - historical, social and economic - of Islamic finance of which our country, by virtue of its geopolitical position and its historical traditions, should become more aware. [1]
Accounting information has a strong political meaning, and cases of accounting failure demonstrate that the regulation and standard are far from saving accountants from making mistake and auditors from failing to recognize the errors. European financial report SoA (Statement of Assurance) offer guidelines for the proper depiction of an entity, but, in the settlement of the accounting practice, there is still plenty of room for the personal professional opinions of the prepares. So this paper use after a quantitative (descriptive and mathematical approach) a qualitative research: "Argea Case", to discuss a modification of organization settings of an Italian paying agencies, it's reflexes in efficiency and effectiveness of public spending. As a result, a high risk of losing accounting credibility affects all the participants in the preparation, reviewer and approval of the accounting data that are published and then restated; above all, it reduces the credibility of the paying agency releasing the official financial report affected by mistakes. All these aspects describe the audit implosion in European affairs and how future payments from EU policy are conditioned by the inability to formalize agreements and contracts between auditors, consultants and the government of paying agency; fueling uncertainty, risks and unpredictability events about the quality of EU public spending.
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