Accounting and Auditing Organization for Islamic Financial Institutions

Overview

The Standards Board is composed of twenty part-time members who are appointed by the Board of Trustees for a five-year term. Members of the Standards Board represent the following various categories: regulatory and supervisory bodies, Islamic financial institutions, Shari’a supervisory boards, university professors, organizations and associations responsible for regulating the accounting profession and/ or responsible for preparing accounting and auditing standards, certified accountants, and users of the financial statements of Islamic financial institutions.

The powers of the Standards Board include, among others, the following:

To prepare, adopt and interpret accounting and auditing statements, standards and guidelines for Islamic financial institutions.
To prepare and adopt code of ethics and educational standards related to the activities of Islamic financial institutions.
To review with the aim of making additions, deletions or amendments to any accounting and auditing statements, standards and guidelines.
To prepare and adopt the due process for the preparation of standards, as well as regulations and by-laws of the Standards Board

The Standards Board meets at least twice every year and its resolutions are adopted by the majority of the votes of the members voting. In case of a tie, the chairman of the Standards Board shall have the casting vote.