THE ROLE OF THE AUDITOR IN ENHANCING FUTURE FINANCIAL INFORMATION CONFIDENCE: AN APPLIED STUDY OF THE MIDDLE EAST BANK FOR INVESTMENT AND FINANCE

Abstract

In recent years, there has been a growing interest by financial reports users in the future financial information because of their obvious impact on the decision-making process, either investment decisions or financing, information became an important commodity to seek. As future information is related to events that relate to the future, the degree of certainty is high compared to other information, as well as the difficulty of obtaining adequate and competent proof for it. Therefore, the trust of the users isn’t in it fully which highlights the role of the auditor here in order to enhance confidence through a technical opinion about the extent of its plausibility and suitability. There is a close correlation between the future information and the banking activity, where both are characterized by high risks. They are incumbent on the professional bodies and organizations concerned with the accounting and auditing work to issue the various standards for this purpose. Therefore, the International Standard of Verification No. 3400, was issued instead of the canceled International Auditing Standard No. 810. The responsibility to disclose this information lies with the administration, as for enhancing confidence in it, it is the responsibility of the auditors through the necessary professional attention and express their opinion about it.