Deloitte Switzerland transparency report 2021

How we deliver independent high quality audits and instil confidence and trust in the capital markets

At Deloitte Switzerland, our purpose is to make an impact that matters. For Audit & Assurance, this means a focus on delivering independent high quality audits and instilling confidence and trust in the capital markets through the services we deliver. This requires us to continuously build capabilities to support the delivery of high quality audits and make leading contributions to shaping the future of the audit profession.

Deloitte Switzerland transparency report 2021

At Deloitte, we are making an impact that matters to our clients and communities by focusing on delivering independent high-quality audits, pursuing opportunities and addressing challenges to meet and exceed the expectations of our clients, investors, capital markets and regulators.  - Alessandro Miolo Managing Partner Audit & Assurance

Audit innovation

Innovation is an expectation in today’s fast-changing business environment, and this expectation holds true for the audit profession as well. Today’s complex business environment requires that the audit be dynamic, multidimensional, and insightful. There is a demand for real-time, relevant information, and clients expect audits to evolve as they innovate their businesses and processes.

This is why we are enhancing our audit procedures by making more use of technology-based analytics, Artificial Intelligence (AI), cognitive & cloud-based technologies, and many more. We have for example invested heavily in our audit analytics capabilities, and our integrated audit analytics now help to analyse 100% of the transactions from ERP processes. This supports a smarter, more effective and efficient approach to testing. We are also deploying audit robots to replace manual audit procedures and speed up data preparation.

These innovative applications enable our auditors to shift their efforts from executing manual processes to generating valuable insights and deliver the audit of the future. We are actively managing the required transformation of our people through training and investment. For example, we train all our professionals to use advanced analytics and visualisation techniques to interpret big data sets and present findings in a clear and compelling way.

Innovation is part of our DNA – something we do every day. We have a track record of developing and investing in successful innovations, from cutting-edge research and technology-enabled tools to profession – leading talent initiatives, state-of-the-art collaboration centres, and acquisitions of pioneering companies such as Ubermind (now Deloitte Digital), Monitor (Monitor Deloitte) and LRA Worldwide (LRA by Deloitte). We are delivering the audit of the future – today.

COVID-19 and the impact on audit

As the impact of COVID-19 unfolds, investors and stakeholders are looking to auditors to provide an independent opinion on companies’ financial statements more than ever. Deloitte remains committed to this critical role and delivering the highest quality audits. Entities’ management are faced with significant uncertainty in making judgments to project future operating results and cash flows, developing valuation analysis, etc. All stakeholders of the financial reporting ecosystem must exercise significant judgment in this unprecedented and uncertain environment: governments, when projecting the length of closures; bankers, when deciding if a loan can be repaid in full; management, when evaluating if a company can continue operating as a going concern and audit committees providing oversight of management; auditors, when assessing these judgments; and investors, when analysing the available financial information in light of these unprecedented uncertainties.

Deloitte welcomes the public statements and guidance issued by regulators that recognize the current uncertainties and emphasize the importance of high-quality, forward-looking corporate disclosures. Importantly, some regulators have conveyed that good faith attempts to provide investors and other market participants with appropriately framed forward-looking information will not be second-guessed. Deloitte seeks to raise awareness about the areas that pose challenges and require more scrutiny, context-specific judgment, and increased scepticism and documentation. There is benefit to the public for greater transparency from various financial reporting ecosystem stakeholders raising awareness about these issues. This includes providing more clarity on the responsibilities of management, audit committees, companies, auditors, regulators, and other stakeholders.

Deloitte’s global technology and infrastructure has allowed for an agile and rapid response to the various impacts of COVID-19. We have prepared for various contingencies in order to support changing client needs and to keep Deloitte professionals informed while working remotely. Deloitte’s business continuity plans have been updated and we have affirmed that Audit & Assurance products and solutions have the necessary bandwidth to ensure continuity.

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