Transparency Report

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2020 Transparency Report

We are committed to the consistent execution of high-quality audits and professional excellence.

Impact when it matters most 

We recognise the critical role we play through the COVID-19 pandemic. A number of entities we audit are experiencing new or elevated risks and need to make additional disclosures.

We have been agile in our response, demonstrating our unwavering commitment to high-quality audits in even the most challenging of environments.

Focused on the future

The audit profession should continually seek to evolve and improve. We show this commitment to quality by investing in the right capabilities and making contributions to shape the future of the profession. We are supportive of enhanced transparency, audit quality, and trust in financial reporting and corporate governance in Australia.

Investing in quality

We bring our forward-looking approach into the core of the audit process. We’re transforming the audit experience and providing efficiency and insight for our clients through the use of technology and new ways of working. 

We see our Transparency Report as an opportunity to share our passion for professional excellence – we understand the important role we play in the capital markets and are deeply committed, through our significant ongoing investments, to continuous improvement in executing quality audits. 

 

We also support the recommendations of the Parliamentary Inquiry into the Regulation of Auditing in Australia tabled by the Parliamentary Joint Committee on Corporations and Financial Services on 11 November 2020 and believe when implemented in full, will enhance quality and confidence in the financial reporting ecosystem.  

2020 Transparency Report

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Disclosure

Deloitte supports the ASIC inspection process and we are encouraged by ASIC’s move to a broader range of measures to determine quality. We set out here our ASIC inspection reports for both the 12-month period ended 30 June 2020 and the 12-month period ended 30 June 2019.

We recognise we must deliver consistently high-quality audits, and there is always more we can do to improve quality. 

We continue to engage with ASIC on measures to enhance audit quality and will play our part to in enhancing confidence further in financial reporting.

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