Audit quality

Committed to shaping the audit of the future

Deloitte member firms pride themselves on consistently delivering world-class audits and fulfilling a public-interest role. As the financial landscape evolves rapidly, Deloitte is executing a wide range of innovative measures to continually raise the bar for future audits.

"As leaders of the profession, we are devoted to instilling a culture of professional excellence into everything we do and are committed to enhancing the trust of the investing public, the capital markets, and member firm clients," says Carlos Sabater, Deloitte Global Audit and ERS Leader. "Audit quality will always be our top priority with the utmost focus and attention across the entire organization."

Deloitte works actively with regulators around the world to contribute to policy development and advocate approaches and standards that promote objectivity, competition, investor confidence, economic growth, and, therefore, the public interest. In addition, Deloitte is investing in a wide range of measures and programs to shape the audit of the future. This includes piloting extended audit reports with a number of member firm clients to provide valuable additional commentary on the financial position of companies—offering further insights into the scope and key factors impacting the audit—and reveal a more complete picture that will benefit all stakeholders.

Transforming audit delivery

The Deloitte Audit, an integral, quality enabler, is the latest generation of Deloitte's transformed audit platform. This comprehensive suite of capabilities delivers an insightful, customized audit approach that focuses on the most important issues and risks. This helps ensure consistent execution of Deloitte audits, leveraging scalable content and technology, to provide quality service to member firm clients across the globe.

Deloitte Audit has been implemented across 18 member firms and, in the upcoming year, its use will likely encompass more than 60,000 member firm audit engagements worldwide.

Advanced analytics

Deloitte Audit is also laying the groundwork to support expanded capabilities, offering compelling analytic potential for member firms to further examine and benchmark clients' extensive data. New analytic tools are simplifying and expanding audit testing and providing deeper insights to clients. "Applying analytics in all aspects of an audit is key to delivering future audits in a smarter way," Sabater explains.

Enhanced analytic capabilities and tools are being piloted across the Deloitte network. One such innovative tool is Spotlight, patented by Deloitte UK. Spotlight allows auditors to use their own computers to configure and continuously run centrally defined analytics on clients' data. This institutionalization of knowledge via advanced technology truly brings analytics to the forefront in a game-changing way. Spotlight also enables member firm teams to identify insights about their clients and, using the Spotlight Hub, generate benchmarks between clients and others on an anonymous basis.

For questions on audit quality, please email us.