Applying the Peer Review Method as a Tool for Enhancing the Work Quality of Audit Offices A Field Study on the Offices of Chartered Accountants in the Kurdistan Region of Iraq

Abstract

This research aims to identify peer auditing, its methods, and the essential components necessary for its activation. It also aims to assess the existence of a specialized professional body as an organizational and supervisory unit that guides the development of policies and procedures to monitor the quality of work in audit offices. This serves as a means to improve the quality of the auditing process, the profession as a whole, and work towards enhancing the public interest. The research relies on a field study conducted on auditing offices and companies operating in the Kurdistan Region, utilizing the statistical package program (SPSS) and appropriate statistical tests. The objective is to derive valuable insights and indicators that support the research topic and assess the relative importance of each component in activating peer auditing as a tool for monitoring the quality of work in audit offices. The research findings highlight the adequate understanding and awareness among auditing professionals regarding the concept and significance of implementing the peer auditing method. However, there are shortcomings in the components required to activate peer auditing, particularly in identifying the supervisory entity responsible for developing and overseeing the implementation of the peer auditing program, evaluating the performance of external audit offices, and defining the program's content in accordance with international standards (ISSAI 5600 and Guide 1900). Furthermore, a direct relationship between applying the peer audit method and advancing the profession and professional performance of audit offices is evident. The primary recommendation underscores the importance of designating a supervisory body responsible for preparing and executing the peer auditing program and evaluating the performance of external audit offices. This body should be represented by a specialized legal entity with the authority to fulfill its responsibilities in the continuous development of audit office operations.