Global Journal of Management and Business Research, C: Finance, Volume 22 Issue 4

© 2022. Wladimir García C.. This research/review article is distributed under the terms of the Attribution-NonCommercial- NoDerivatives 4.0 International (CC BY-NC-ND 4.0). You must give appropriate credit to authors and reference this article if parts of the article are reproduced in any manner. Applicable licensing terms are at https://creativecommons.org/licenses/by-nc- nd/4.0/. Volume 22 Issue 4 Version 1.0 Year 2022 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Online ISSN: 2249-4588 & Print ISSN: 0975-5853 By Wladimir García C. Andrés Bello Catholic University (UCAB) Abstract- This documentary research, through activities carried out in Audit and Assurance II, aims to identify problems studied in terms of effects of hyperinflation in Venezuela on financial audit processes, analyzed by seventeen (17) Sixth semester students in the Public Accounting career at the Universidad Católica Andrés Bello, developed during the months of October to December 2019. Among the most outstanding conclusions, the fact that hyperinflation generates profound distortions in financial statements can be observed. which cannot be solved from an audit process. These distortions have generated that accounting information, and therefore the audited information, is not reliable or comparable in favor of different users; being so, they are no longer useful for all purposes. Students considered that the historical information is not comparable, and consider that restated data should be a better approximation; however, they consider that the data provided by government authorities could be not reliable. They identify exchange control, reconversion processes, as well as other state measures, as triggers of hyperinflation. Keywords: hyperinflation, audit, financial, venezuela. GJMBR-C Classification: DDC Code: 352.1 LCC Code: KD5295 HyperinflationinVenezuelaAnditsFinancialAuditEffects Strictly as per the compliance and regulations of: Global Journal of Management and Business Research: C Finance Hyperinflation in Venezuela, and its Financial Audit Effects