The Audit Committee is formed with an intention to assist the board of trustees of AAOIFI in exercising independent and objective monitoring through the following functions:
- Achieving the fundamental objectives of the entity, by enhancing greater transparency and disclosure in financial reporting;
- Preserving the integrity of the financial reporting process and for this purpose to oversee AAOIFI’s relationship with the external auditor and the external audit function, the preparation of the financial statements and reports and AAOIFI’s financial controls and systems;
- Safeguarding the interests of members and other stakeholders as well as, those of the global Islamic finance industry as a whole without bias;
- Overseeing the process of identification and management of risk;
- Providing additional assurance on the reliability of financial information presented to the Board; and
- Acting as an independent link between the AAOIFI’s management and its stakeholders.