The Effect of using Audit Procedures in Accordance with the IAS 545 in Assessing Audit Risk

Mohammed, Muna Jabbar ^[2] ; Hiloaliabi, Jaafar Abdulhussein ^[2] ; Al-taie, Bushra Fadhil Khudhair ^[1] ; Flayyih, Hakeem Hammood
1. [1] University of Baghdad
  
  University of Baghdad
  
  Irak
2. [2] Accounting Department, College of Administrative and Financial Sciences, Imam Ja'afar AI- Sadiq University, Iraq
Localización: Estudios de economía aplicada, ISSN 1133-3197, ISSN-e 1697-5731, Vol. 39, Nº Extra 11, 2021 (Ejemplar dedicado a: Special Issue on Financial Crises and its effect on the economics of the countries)
Idioma: inglés
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Resumen
- The current research aims to determine the effect of using audit procedures in accordance with the International Auditing Standard (IAS. No.545) in auditing measurement and disclosure on the basis of fair value in assessing audit risk, as the questionnaire was used to identify the opinions of the sample in the statement of the impact of the use of audit procedures in accordance with the IAS 545 in auditing measurement and disclosure on the basis of fair value in the assessment of audit risk. Nevertheless, after analyzing the study variables and testing the hypothesis, the research reached the most important conclusions, which are that most auditors lack the skills necessary to audit fair value accounting estimates because there are no fixed bases for measuring fair value, which creates difficulty for the auditor to understand the models used in preparing fair value estimates by the administration, and this affects in assessing audit risk. The most important recommendations were that work should be done to provide specific bases and clear models for measuring fair value, to reduce dependence on personal judgment for fair value estimates. Therefore, the auditor should use the same measurement models used by management when auditing fair value estimates, which contributes to improving the audit risk assessment.