The Role of International Auditing Standards in Reducing Audit Risk
Abstract
In light of international auditing standards, the internal audit function has evolved into an internal audit function based on risk management. Thus, internal audit has played an effective role in the risk management process at the level of companies of various types and activities, through its preventive role represented in supporting and aiding the risk management function and assisting in the development of their strategies. As well as the compilation of various reports on risks. The aim of this study is to prove the role of the international auditing standards in reducing audit risks in the Iraqi auditing offices deployed in all governorates of Iraq, by selecting a sample study from the Iraqi auditing offices, where the descriptive approach was followed in the theoretical aspect and statistical analysis in the practical aspect. The data was collected through a questionnaire form the electronic distribution that was distributed to the directors of the Iraqi auditing offices and by (30) different offices in Baghdad and some provinces that were selected through its publication by the auditors who are certified to work for the year 2021 and the use of the SPSS software. The research hypothesis related to the role of international auditing standards in reducing audit risk. The research found a significant relationship and correlation between international auditing standards and audit risk. It is the responsibility of the auditor to recommend researchers that the auditors should make their goal of providing services in order to improve the quality of the information contained in the financial statements and to enhance the degree of confidence in them as much as possible. Moreover, the auditor has to recommend the professional regulators of the work to set of technical standards related to the expansion of services in line with the work environment. The auditor can also refer to it when s/he encounters any problem in the field of service provision. The theoretical side of the study dealt with the concept of standards, audit risks, audit quality. As for the practical side, a questionnaire was adopted as a means of obtaining and analyzing data and reaching conclusions.
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