Илғор иқтисодиёт ва педагогик технологиялар Том 3 № 3 (2026) · с. 262-269
AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS
Umarov, Hasan, Умаров, Хасан, Umarov, Xasan
Аннотация
The global Islamic finance industry, now exceeding USD 4.5 trillion in assets, operates under a distinct audit governance framework that remains underexplored in comparative regulatory scholarship. This study examines the trajectory of audit standardization within Islamic financial institutions (IFIs), focusing on the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) against the backdrop of the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Drawing on documentary analysis, regulatory review, and a structured comparative methodology, the paper critically evaluates the current AAOIFI Auditing Standards for Islamic Financial Institutions (ASIFIs) alongside the proposed draft Standard on Auditing (SOA) 1 "Fundamentals of Auditing." Key findings reveal significant structural gaps in the AAOIFI framework, including the absence of a conceptual assurance framework analogous to the IAASB's International Framework for Assurance Engagements, outdated standards that have remained unchanged for over two decades, and an overly consolidated draft standard that risks impeding practitioner comprehension. The study proposes a set of actionable recommendations for AAOIFI reform, including the development of a standalone "AAOIFI Concept for Assurance Engagements," the urgent revision of ASIFI 1–3 and ASIFI 5, and the adoption of IAASB structural conventions. The findings carry particular relevance for jurisdictions actively developing Islamic finance regulatory environments, including Russia, Malaysia, Bahrain, and the Gulf Cooperation Council (GCC) states
islamic financeaudit standardizationAAOIFIIAASBShariah compliancefinancial regulationauditing standardspartner financingисламские финансыстандартизация аудита
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