Audit Risks and Its Impact on The Effectiveness, Efficiency, and Implementation of Audit Procedures

Abstract

The research addressed the risks of auditing and its impact on the effectiveness and efficiency of planning in the work of the auditor in the General Directorate of Education in Najaf Governorate. The research problem is determined in the following question: Are audit risks and changes in their levels taken into account when planning and implementing the auditor’s work? The knowledge and estimation of the risks in auditing is an important and effective matter for the auditor’s work when planning and implementing the audit process, which enables him to reach logical results and thus achieve his goals.

The research was chosen in the Directorate of Education in order to reach a good level of performance in the work of the auditor, since the directorate is one of the service units.

The aim of the research is to identify what is meant by audit risks and their main components. As well as explaining the factors affecting audit risks and analyzing them in order to estimate the risks. In order to achieve these goals, the auditor’s procedures were analyzed and studied through 40 questionnaires. The questionnaire contains questions related to multiple indicators. The researcher thinks that these indicators affect or determine the audit risks in order to adapt them to be acceptable at a minimum level.

The importance of the research highlights the great role played by audit units as they are a safety valve for the General Directorate of Education. The most important conclusions are:

1. The auditor’s achievement of a right assessment of regulatory risks depends on understanding and studying the internal control elements, the degree of compliance with them, the continuity of their application, and the results of their tests.
2. The auditor’s decision to determine the acceptable level of challenges in the audit process depends on studying and analyzing a group of factors that are useful in this field and refers to the size of the unit and the nature of its work.