The innovation in the audit profession has a significant role in the development and increase of the effectiveness of the audit process. Since the successful auditor has the competency and experience that qualify him to devise solutions and take effective actions during his work, so the aim of the research is to find out the role of innovation in the audit profession in improving the effectiveness of financial statements through a field study in which (98) lists of survey were distributed for (63) authorised auditors and (35) employees of the financial brokerage

companies. (96) of them were recollected. Two research hypotheses were put. The research found that there is a strong relationship between innovation in the audit profession and improvement of the effectiveness of financial statements and a lack of differences between the averages of the respondents attributed to general statements in the presence of such a relationship. The research recommended to increase the efficiency of innovation in the audit profession and the financial statements efficiency through providing factors that can help develop them.