8 November 2026

PR/15/2026

Auditing and Assurance Standards Committee (AASC) of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has issued Auditing Guidance Note (AGN) 3 “Illustrative Auditor’s Report” in accordance with the guidance provided by AAOIFI Governance and Ethics Board (AGEB) and AAOIFI Accounting Board (AAB). The issuance marks the completion of the second phase of AAOIFI’s project to revise its auditing standards for Islamic financial institutions (IFIs) and other institutions that follow Shari’ah principles and rules.

AGN 3 “Illustrative Auditor’s Report” provides guidance on the form and content of the independent auditor’s report and on applying the relevant requirements of AAOIFI Standard on Auditing and Assurance (SOAA) 1 “Framework of Auditing”. The appendix to the AGN also contains an updated illustrative auditor’s report.

AGN 3 “Illustrative Auditor’s Report” supersedes AGN 2 “Auditor’s Report”.

On this occasion, Mr. Firas Hamdan, acting chairman of AASC, said: “AGN 3 “Illustrative Auditor’s Report” reflects the requirements of the revised and updated standards, while providing a framework that allows for future enhancements and alignment with evolving developments and best practices”. He also thanked the members of AASC and AAOIFI Secretariat, adding: “I would like to extend my heartfelt appreciation to all those who contributed to this revision project. Their dedication, expertise and invaluable efforts have been instrumental in bringing this project to fruition”.

Mr. Omar Mustafa Ansari, secretary general of AAOIFI, said: “The issuance of AGN 3 “Illustrative Auditor’s Report” reflects AAOIFI’s continued commitment to maintaining the relevance, quality and robustness of its standards in response to evolving industry practices and emerging requirements. We remain dedicated to supporting the effective implementation of our standards and promoting greater consistency and excellence in auditing and assurance practices across the Islamic finance industry”.

The guidance note is available on the AAOIFI website at: