Transparency Report 2019

Impact   

At Deloitte, we are focused on making an impact that matters to our clients and communities.

We do this by delivering independent high-quality audits, pursuing opportunities and addressing challenges to meet and exceed the expectations of our clients, investors, capital markets and regulators.

Innovation

We are continuing to transform our Audit & Assurance business by adopting advanced technologies, fresh approaches and new, disruptive perspectives.

We are also bringing innovation into the core of how we perform an audit. As a result, clients experience more efficiency and deeper insights.

Excellence

As a member firm of the Deloitte global network, we harness the power of global investments in innovation and quality, and access to global/regional resources and local expertise.

We see our Transparency Report as an opportunity to share our passion for professional excellence – in maintaining investor confidence in the capital markets and bringing true value across the industry through high-quality audits.

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 18 month period ended 30 June 2018 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. It is important to note none of the Deloitte audited companies reviewed in ASIC’s inspection reports for either period required restatement.

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.

Our balanced scorecard

ASIC have published a range of quality measures in their Audit quality measures, indicators and other information 2018-19” report and we welcome this development. 

We have compared ourselves against a variety of these key metrics. 

The scorecard covers a range of metrics inspections, inspections with no findings, restatements, as well as key input measures like partner, manager and staff hours mix and training.

We are pleased that ASIC has moved in this direction and will work with the industry and ASIC to continue to evolve it.