The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) prepares accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions. The AAOIFI:
A) only operates within Arab countries.
B) is a division of the International Auditing and Assurance Standards Board.
C) was established by the Islamic Financial Services Board.
D) is an independent international organization.

Question

Quizplus · Accepted Answer

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an independent international organization that develops standards for Islamic financial institutions globally, not limited to Arab countries, and operates independently from other financial standard-setting bodies.