AUDITING OF BANKS WITH COMPLIANCE AND RISK A COMPARATIVE STUDY BETWEEN GOVERNMENT AND PRIVATE MANAGEMENT BANKS OF IRAQ

Аннотация

The purpose of this study is to investigate how audit processes can help improve compliance and control of risk in the banking industry in Iraq, through a comparison of governmental and private banks. The banking industry has experienced many changes in recent years as a result of changes in both the economy and technology; however, there are still many challenges relating to financial transparency, operational risk, compliance with regulations and governance practices. This study investigates how both internal and external audit processes can improve compliance systems and reduce risk within banks, which ultimately leads to improved performance overall within the banks. The methodology used for this study was comparative analysis, which allowed for a direct comparison between how effective each group of banking institutions has been at meeting these needs. The primary data collection method used for this research was a questionnaire survey that was sent to auditors, managers, compliance officers, and risk managers at selected Iraqi banks. According to the results of the study, private banks show much higher levels of agility/adaptability when implementing today's auditing/compliance standards in comparison with government-run banks, as government banks are restricted by their administrative complexities and standard forms of controls. The findings of this research show how much the success of risk management hinges upon whether you have a quality auditor. Based on this, we suggest areas of improvement including strengthening risk-based audit procedures, adopting internationally accepted standards for auditing and improving information systems related to digital compliance to improve coordination between audit and risk management departments in order to encourage stability in the banking sector and long-term viability for the Iraqi economy.