The External Auditor's Perception of the Impact of Fair Value Estimates on the Effectiveness of Professional Skepticism, An Analytical Study of Iraqi Audit Offices and Companies

The study targeted a statement of the importance of the external auditor's awareness of fair value estimates and their impact on developing professional suspicions of the auditor and whether they support or contradict his provisions and decisions related to fair value estimates on verification banks.
To achieve the research goal, the auditors' reports on Iraqi banks were analyzed in order to explain their awareness level in estimating the fair value of those banks, with an indication of the level of awareness of the auditors who practice their professional doubts. The evaluation methods have been used, including the quarreled cash flow method to reassess the investment portfolio of the shares of those banks that the auditors must be aware of.
To reach awareness, the auditor must possess artistic knowledge of the customer industry and a sufficient understanding of the activity of economic unity, but the auditors ’practices lack adequate vision and guidance regarding fair value in order to practice professional suspicion more effectively.