The Impact Of Accounting Standards for Foreign Currency Transactions and Financial Statements Translation on Auditing Procedures: The Case of Iraq

This paper aims to convey the notion of auditing, its relevance, and the report's function in strengthening the recipients' trust. It also tries to study accounting rules for foreign currency transactions and interpret and unify financial statements for overseas entities. The research aims to study and analyze accounting for foreign transactions and the translation of financial statements in public sector corporations, the research sample, and compare these accounting treatments with those that should be included in the relevant accounting standards. The objective meaning of the word auditing is based on the fact that auditing is a search for the truth since this is the core of the auditing process. Auditing is fundamental to all operations, and its presence dates back to antiquity and the first civilizations. This study aims to shed light on the concept of foreign transactions, the translation of financial statements, the presentation and discussion of problems arising from them, the accounting standards for accounting for transactions in foreign currency, the translation and consolidation of financial statements for foreign units, their impact on auditing operations and what is reflected in the auditors' report. In addition to investigating the reality of accounting for transactions in foreign currency and translating the financial statements of public firms, the sample research also examines the validity of accounting for transactions in foreign currency. The findings indicate that the financial statements of the public sector enterprises comprising the study sample do not fairly represent their work and financial status outcomes.