The organ was established in accordance with the provisions of paragraph 1 of article 8 of the Financial Regulation of the Organization of the Islamic Conference.  
 
Function:
- Control of the revenue and expenditure accounts and ensuring that financial activities and accounting entries are made in an organized manner in accordance with extant financial rules and procedures.
 
- Review of accounts, inventories, loans, salaries and pensions and social security and ensuring compliance of these accounts and their processes with extant regulations.
 
- Review of inventories entries and records as well as supply, disbursement and delivery documents, in addition to uncovering cases of negligence, and financial violation; studying areas of lapses that led to their occurrence and proposing means of rectifying them.
 
- Review of administrative procedures on personnel affairs to ensure compliance with the budget and the extant administrative procedures and proposing means of rectifying errors.
 
- Review of final accounts to ensure their soundness and to identify the true financial situation and raising observations on the errors and lapses in the implementation of the system.
 
Membership:
The Islamic Conference of Foreign Ministers appoints members of the Body of Eight through secret ballot for two renewable years.
 
Meeting:
The Financial Control Organ meets at least once in a year upon the request of the Secretary General, once the final accounts have been prepared.