The Professional Auditing Standards Committee (PASC) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has issued an Auditing Guidance Note on long form report / communication of key audit matters in line with global best practices on 4 January 2017, in the Kingdom of Bahrain.

The Guidance Note provides clarification and guidance to the auditors of Islamic financial institutions as to whether, and to what extent, the requirements of International Standard on Auditing 701 “Communication of Key Audit Matters in the Independent Auditor’s Report” shall be applicable to Islamic financial institutions. It also details the extent of inclusion of key audit matters related to opinion on Shari’ah matters. The Guidance Note shall be applicable w.e.f. 01 January 2017.

The Guidance Note can be accessed by clicking Here