The role of professional accounting regulation in the effectiveness of the economic system A field study in the Iraqi environment

Abstract

The current research aims to test the relationship and impact of the accounting professional organization on the effectiveness of the economic system in Iraq. As the economic transformations greatly affected the status of accounting as a profession, as the accounting professional organization does not reflect the economic changes taking place in Iraq, the central regulation and oversight of each of the accounting profession in Iraq is still in spite of the economic transformations that Iraq witnessed after 2003 in the transition towards an economy The market and its openness to international trade and investment, and in order to achieve the objectives of the research, the descriptive and exploratory approach was used, as the opinions of the community of professionals who work as auditors in auditing offices and companies were surveyed, and the opinions of accounting specialists who work in the academic side, as well as the representatives of the profession management in its various parties. A random, stratified proportional sample was selected from the three communities. The research reached several conclusions, the most prominent of which is that the legal accounting organization is still the dominant approach in Iraq, as the logic of financial reporting is based on the macroeconomic philosophy and serving the requirements of the state for public accountability and oversight despite the fundamental changes in the nature of the economic system. Therefore, the research presented several recommendations, including the need to the financial reporting model accommodates the level of state intervention in economic activities, the expansion of private ownership, the growth of the private sector, and the role of individual investors and banks.

Keywords

• Accounting organization
• economic system