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of a conceptual assurance framework analogous to the IAASB's International Framework for Assurance Engagements, outdated standards that have remained unchanged for over two decades, and an overly consolidated draft standard that risks impeding practitioner comprehension.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

This article examines and analyzes the practice of auditing consolidated financial statements in commercial banks and preparing audit reports based on international auditing standards. In the practice of auditing in banks, the issue of the application of international auditing standards by an external auditor, its features in the implementation of ISAs and the organization of audit reports and practical suggestions for its improvement are considered

This article examines the organization of external audits of consolidated financial statements of commercial banks prepared in accordance with International Financial Reporting Standards (IFRS), as well as the implementation of this process within the banking system of Uzbekistan. In particular, the study analyzes the introduction of International Standards on Auditing (ISA) in the external audit of commercial banks’ activities, the application of auditing procedures in banks, and the specific aspects of implementing ISA in banking practice. The article also discusses the distinctive features of auditing banks’ financial statements and the peculiarities of conducting such audits

The article examines the improvement of methodological support for auditing production costs at oil and gas processing enterprises. Particular attention is given to the assessment of risks of material misstatement, analysis of the internal control system, and application of International Standards on Auditing. A classification of risks related to production cost accounting is proposed, and a step-by-step approach to determining materiality is substantiated. The results are aimed at enhancing the reliability of financial reporting, improving audit procedures, and increasing the efficiency of cost management in industrial enterprises

The article examines the specific features of improving the audit system in the public sector in the Republic of Uzbekistan, its institutional and organizational foundations, and issues of increasing its effectiveness. It also theoretically substantiates the importance of auditing in strengthening public financial control, ensuring targeted and rational use of budget funds, and increasing transparency and accountability in the management of public assets

The article describes the use of financial monitoring when organizing a remote audit. During the audit, scientific works and regulatory documents on the use of financial monitoring were analyzed, and conclusions and suggestions were given.

The article explores the theoretical and practical aspects of the institutional characteristics of financial accountability and transparency. It examines the reforms implemented in Uzbekistan aimed at modernizing the public financial management system, enhancing budget process openness, and gradually adopting international financial reporting standards. Based on international experience (Finland, Canada, South Korea, Australia, Sweden), the study highlights the key factors that ensure effective financial accountability and transparency: real-time data disclosure, institutionally independent auditing, and the use of digital technologies. Uzbekistan’s PEFA scores and Open Budget Index results are analyzed, identifying existing challenges and suggesting policy directions for improvement. The findings demonstrate that strengthening national legislation, adopting internationally standardized reporting formats, expanding public participation, and introducing modern digital technologies are crucial for consolidating the institutional foundation of financial accountability and transparency

This paper proposes a four-dimensional risk index model for designing internal audit programs in the public sector. The model integrates legal, financial, resource, and organizational risks to provide a comprehensive framework for risk-based audit planning. Through simulation involving hypothetical departments, the study demonstrates that aggregate risk scores can mask the diversity and specificity of underlying risk categories. By decomposing audit risk into distinct dimensions, the model enhances audit targeting, supports transparent decision-making, and aligns with international internal audit standards. It also proves particularly useful in environments with limited data availability. The model’s adaptability and clarity make it suitable for both manual and automated audit planning processes. While future enhancements could include dynamic weighting and digital integration, the model as presented already offers a robust and practical approach to prioritizing internal audit activities and improving public sector governance outcomes.