Audit standardization in islamic finance: a comparative analysis of aaoifi and iaasb frameworks

Umarov , Hasan, Умаров , Хасан, Umarov , Xasan

Илғор иқтисодиёт ва педагогик технологиялар · 2026-yil

Annotatsiya

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absence of a conceptual assurance framework analogous to the IAASB's International Framework for Assurance Engagements, outdated standards that have remained unchanged for over two decades, and an overly consolidated draft standard that risks impeding practitioner comprehension.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

Maqola ma’lumotlari
MualliflarUmarov , Hasan, Умаров , Хасан, Umarov , Xasan
JurnalИлғор иқтисодиёт ва педагогик технологиялар
NashriyotТошкент давлат иқтисодиёт университети ҳузуридаги «Ўзбекистон иқтисодиётини ривожлантиришнинг илмий асослари ва муаммолари» илмий-тадқиқот маркази
ISSN1994-2025
Nashr sanasi2026-06-03
Jild3
Son3
Betlar262-269
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/3060-4842-2026-vol3-iss3-pp262-269
Indeksga qo‘shilgan2026-08-26

DOI: 10.60078/3060-4842-2026-vol3-iss3-pp262-269 · Maqolaning asl sahifasi

Kalit so‘zlar

islamic finance, audit standardization, AAOIFI, IAASB, Shariah compliance, financial regulation, auditing standards, partner financing, исламские финансы, стандартизация аудита, AAOIFI, IAASB, соответствие шариату, финансовое регулирование, стандарты аудита, партнерское финансирование, islomiy moliya, auditni standartlashtirish, AAOIFI, IAASB, Shariatga muvofiqlik, moliyaviy tartibga solish, audit standartlari, hamkorlarni moliyalashtirish

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAUmarov , Hasan, Умаров , Хасан, & Umarov , Xasan (2026). AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS. Илғор иқтисодиёт ва педагогик технологиялар, 3(3), 262-269. https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp262-269
GOST (OAK)Umarov , Hasan, Умаров , Хасан, Umarov , Xasan AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS // Илғор иқтисодиёт ва педагогик технологиялар. – 2026. – T. 3, № 3. – P. 262-269. – DOI: 10.60078/3060-4842-2026-vol3-iss3-pp262-269.
MLAUmarov , Hasan, Умаров , Хасан, and Umarov , Xasan. “AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS.” Илғор иқтисодиёт ва педагогик технологиялар, 3(3), 262-269, 2026. https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp262-269
ChicagoUmarov , Hasan, Умаров , Хасан, and Umarov , Xasan. “AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS.” Илғор иқтисодиёт ва педагогик технологиялар, 3(3), 262-269 (2026). https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp262-269
HarvardUmarov , Hasan, Умаров , Хасан, and Umarov , Xasan (2026) ‘AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS’, Илғор иқтисодиёт ва педагогик технологиялар, 3(3), 262-269. https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp262-269
BibTeX
@article{umarovhasan2026,
  title = {AUDIT STANDARDIZATION IN ISLAMIC FINANCE: A COMPARATIVE ANALYSIS OF AAOIFI AND IAASB FRAMEWORKS},
  author = {Umarov , Hasan and Умаров , Хасан and Umarov , Xasan},
  journal = {Илғор иқтисодиёт ва педагогик технологиялар},
  year = {2026},
  volume = {3},
  number = {3},
  pages = {262-269},
  doi = {10.60078/3060-4842-2026-vol3-iss3-pp262-269},
  url = {https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp262-269}
}

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