The role of peer review in the quality of auditors' work in Iraq

Abstract

Abstract:Due to the decline of the auditor’s role, American Institute of Certified Public Accountants (AICPA) has developed peer review mechanism that is external reviewing of the organization by eligible persons to review the efficiency of supervision and auditing. It has been emphasized that auditors who are in charge of peer review should be subject to certain considerations. These requirements are: the auditors have sufficient experience, have practiced the profession Certified Public Accountant and must have been affiliated with an institution that sponsors training and qualification of cadres for the task of auditing. Regarding the current situation in Iraq and because of the large number of investment companies, the entry of foreign investors and the openness to the world, it has been necessary to follow other developed countries to implement peer review. Therefore, Iraq needs to activate the regulatory and quality concepts to ensuring the integrity of financial reports and accounting papers for both government institutions and companies. Moreover, the audit reports issued by auditors should be monitored to ensure their integrity and reliability to be used by financial statements users.