The impact of peer review on the effectiveness of the internal control system: a field study on a sample of companies listed in iraq stock exchange

Due to the current situation in Iraq, the increase in investment companies, the entry of foreign investors, and the development and openness to the world, it has become necessary to follow the example of other developed countries in following the peer review. This has led to the fact that Iraq is in need to activating the supervisory monitoring aspect and its quality by ensuring the integrity of the financial reports and accounting statements of companies as quality has become a global measure for the efficiency and effectiveness of institutional work. Peer review is one of the most important modern methods in the field of control and auditing, and its emergence as a tool for measuring the effectiveness of quality control is a basic building block in quality management and a means to improving the applicable control tools. In order to verify the extent of consistency between the international standards of the supreme audit institutions and accounting and the procedures in place by the supreme audit institutions, peer review is regarded as a tool used in evaluating performance by the supreme audit institutions to increase the quality and effectiveness of the services they provide, and is an important part in the field of self-regulation of the supervisory monitoring body. The internal control system is of great importance in any economic unit because of the effective procedures and means of control that it provides when carrying out any activity within the unit. The objective of having an internal control system is to protect the assets of the facility and to be assured of the accuracy of accounting and statistical data, to achieve maximum production efficiency and to ensure that employees adhere to the established administrative policies and plans.