THE EFFECT OF FAIR VALUE ESTIMATES ON THE AUDITOR'S REPORT UNDER CONDITIONS OF UNCERTAINTY

Abstract

This study aims to demonstrate the impact of fair value estimates under conditions of uncertainty on the auditor’s report. The problem is that the adoption of the fair value principle and the emergence of many international accounting standards increased the volume of clarifications and disclosures in the financial reports and statements and increased the auditor’s burden in investigating what they contain. These lists are based on data before expressing a neutral technical opinion regarding them, especially since most of these clarifications were requirements for many international accounting standards, and despite these increases and complications, the auditor's assurances were not at the required level, especially in light of the conditions of uncertainty. The researchers used a questionnaire that was distributed on Auditors in the Office of Financial Supervision and private audit offices in Iraq, and after analyzing the results of the questionnaire, the researcher came to a set of conclusions and recommendations.