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Evolving our view of audit quality
Audit quality includes delivering meaningful insights to the companies we audit, and innovating how we execute our audits and manage our practice. We’ve elevated our definition of audit quality, explicitly highlighting our quality management systems as a critical element in achieving consistent high quality across all engagements. We believe audit quality includes the following dimensions:
Our commitment to audit quality that reinforces confidence in the capital markets extends beyond today’s audit: we’re actively thinking about what it looks like tomorrow.
Reflecting on our journey and looking ahead
Shaped by experience, our actions to advance audit quality are deliberate. We will continue to challenge ourselves to raise the bar even higher in pursuit of our quality aspirations.
2016
Targeting individual
audits
We made significant audit quality investments—including enhanced learning programs, the addition of technical resources across Canada, and the review of audits—as our 2015 year-end audits were underway.
2017
Broadening our impact across all audits
audits
We enhanced our quality processes, programs, and tools to achieve the highest levels of audit quality consistently across every engagement.
2018
Bolstering our quality management systems
We intensified our efforts to enhance our quality management system, using a risk-based approach to evaluate the effectiveness of our quality processes, programs, and tools in achieving our audit quality expectations consistently across all audits.
2019
Synchronizing our actions
We enhanced our existing audit quality processes to align with our regulators, fortified our entity-level processes to proactively and swiftly support our engagement teams, and took measures to address specific engagement matters arising from internal and external inspections. We also advanced how we evaluate the design and operating effectiveness of our quality management system.
We believe audits provide significant value in supporting the integrity of the entire financial reporting ecosystem. Our abiding commitment to audit quality means we stand firm on the strong foundation we’ve built and that we also keep developing new things to advance.
Explore other resources to help audit committees and companies assess audit quality
10 questions—and a catalogue of corresponding leading practices—to assist you in efficiently achieving quality, transparent, and reliable financial reporting.
Explore the value of conducting a comprehensive review and understand the key phases necessary to effectively execute it.
8 lessons learned from our recent experiences aimed to assist you in asking the right questions in preparation for trying AQIs in the audit life cycle.
An overview of Deloitte’s legal structure, governance, ethical and independence principles, quality control procedures.
Get in touch with us
At Deloitte, the pursuit of audit quality is at the center of our culture of continuous improvement and innovation, as we seek to make our best work today even better tomorrow. This means backing our words with significant investment and action. If you have any questions, or would like to learn more, we would like to hear from you.
