GLOBAL: The AAOIFI has agreed on the approach and content of the Standard On Auditing and Assurance (SOAA) ‘Auditing Requirements for Assessing Compliance with Shariah Principles and Rules’ and directed the secretariat to proceed with its development process.
The aim of the SOAA is to provide a comprehensive framework for an auditor regarding the performance of an audit of the financial statements of an institution that reports in line and complies with Shariah principles and rules.
The board also reviewed the preliminary studies on ‘Digital Banking’ and ‘Conversion of a Conventional Bank to an Islamic Bank’. After deliberation, the board agreed on the overall approach and advised the secretariat to move forward with instructions to issue the exposure drafts by the first quarter of 2025.
