OBSTACLES TO DISCLOSING ACCOUNTING INFORMATION IN COMPANIES' FINANCIAL STATEMENTS AND THEIR IMPACT ON THE AUDITING PROFESSION CONSIDERING THE REPERCUSSIONS OF COVID-19: AN EXPLORATORY STUDY OF A SAMPLE OF COMPANIES LISTED ON THE IRAQI STOCK EXCHANGE

Abstract

This study seeks to assess the effects of the COVID-19 pandemic on the disclosure of financial statements by companies listed on the Iraq Stock Exchange. It focuses on the perspectives of individuals involved in transactions with these companies (investors, lenders, and shareholders). The study employed statistical analysis to determine the arithmetic means and standard deviations of the responses provided by the participants in the study sample. It has been observed that numerous companies choose to withhold information that can impact the decisions of investors and other stakeholders, thereby increasing the risks they face. The study suggests that it is important for various stakeholders, including the government, businesses, and professional and financial institutions, to come together and support the sustainability of businesses. It also highlights the need for changes to international accounting standards to ensure that companies disclose their ability to continue operating and fully disclose all risks and their management strategies. This will enhance the accuracy of the financial statements.