AAOIFI issues updated ASIFI 6 “External Shari’ah Audit” with basis for conclusions appended thereto

The Governance and Ethics Board (AGEB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in its 20th meeting held on 15-16 Sha’ban 1442H, corresponding to 29-30 March 2021, approved the basis for conclusions in respect of Auditing Standard for Islamic Financial Institutions (ASIFI) 6 “External Shari’ah Audit (Independent Assurance Engagement on an Islamic Financial Institution’s Compliance with Shari’ah Principles and Rules)”, which provide a comprehensive explanation to various topics discussed in the standard.

Accordingly, an updated version of ASIFI 6 [which was originally approved for issuance in the 7th AGEB meeting held on 17-18 Jumada II 1439H, corresponding to 6-7 March 2018], with the basis for conclusions appended thereto, has been issued.

In this regard, the Chairman of AGEB, Mr. Farrukh Raza stated that: “incorporating the basis for conclusions with all AAOIFI standards is important to ensure utmost transparency in the standard setting process, as well as, to provide a comprehensive insight as to the reasoning behind most of the provisions of any given standard”.

The external Shari’ah audit project also includes a detailed handbook of external Shari’ah audit which is in its finalization stage and is expected to be published shortly.

The updated standard can be accessed on AAOIFI’s website via the following link: click here

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