AAOIFI’s Governance and Ethics Board Approves Basis for Conclusions in Respect of ASIFI 6

On the 29th and 30th of March 2021, the Governance and Ethics Board (AGEB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held its 20th meeting and approved the basis for conclusions in respect of Auditing Standard for Islamic Financial Institutions (ASIFI) 6 ‘External Shariah Audit (Independent Assurance Engagement on an Islamic Financial Institution’s Compliance with Shariah Principles and Rules)’.

Why it Matters?

In line with the approvals granted, an updated version of ASIFI 6 has been issued. Chairman of AGEB, Farrukh Raza, said that incorporating the basis for conclusions with all AAOIFI standards is necessary in order to make sure that there is high transparency in the process of setting standards as well a...