USD1bn venture — the 3 Ws of audit transformation

Hi everyone! In the last issue, we shared with you some of Deloitte China's key initiatives and milestones in pursuing innovation over recent years. Today, I will take you on a journey to see how Deloitte is reshaping the future of audit through industry leading audit transformation initiatives driven by innovation and digitalization.

In just a few years, Deloitte has

• made an aggregate investment of over USD1 billion in audit transformation,
• developed more than 60 innovative digital assets globally
• building on local strengths in technology, our China Innovation Team has developed dozens of core products tailored to the needs of the domestic market, and
• grown our professional teams exponentially, fuelling firm-wide audit transformation  

Deloitte AI Robot:
Now join us in a round of applause to welcome our guest, who will take us through the 3 Ws of audit transformation.

Hello everyone. In the Industry 4.0 wave, various emerging digital technologies are changing our business landscape, prompting us to think about how we should reshape ecosystems. Moreover, the COVID-19 outbreak has provoked global reflection on standards and work models, highlighting the significance, in terms of impact and needs, of digital transformation and upgrading in driving industry development.

Businesses around the world, whether incumbents or startups, are straining every sinew to get on the high-speed train towards digital transformation, even aiming to become leaders in their industries. Deloitte is one of them.   

As top industry professionals, Deloitte's Audit Transformation Team has spent years exploring, discussing, innovating and developing products and solutions from trial and fine tuning to final deployment, continuously working to transform audit, a traditional profession with a long history, to address the changing needs of modern businesses and always stay one step ahead. 

What is audit transformation?

Deloitte holds that audit transformation should take place on the basis of ensuring high quality audit service, and leverages a globally consistent audit approach to achieve the goal of digital audit, further expansion of the embedded value of audit, and providing greater confidence for users of financial statements. Through continued transformation, we aim to expand into new areas of audit and assurance services, as well as bring more business insights and value to clients.   

Deloitte Audit Transformation Strategy –
"One Core, Five Visions"
underpinning comprehensive transformation initiatives

Why transform now?

How to transform?

Audit transformation cannot be achieved overnight. It requires vast and diverse practical experience, strong capabilities, as well as repeated experiments and continuous improvement. Deloitte has developed a unique Audit Innovation Roadmap to drive comprehensive audit transformation and upgrading. 

1. Reform & innovate
   Revive innovation with diverse talent, and initiate transformation through collaboration
2. Differentiate
   Address individual needs with customized solutions, and enable differentiated services via innovative products
3. Disrupt
   Ensure high-quality services through standard processes, and improve operational efficiency based on centralized delivery
4. Reinvent
   Lead an industry revolution using disruptive technologies, and reshape the future of audit through comprehensive transformation

"With a customized transformation strategy, and on that basis outlining an innovative and practical path of development to drive top-down engagement, collaboration and effort, we will be able to gradually reimagine audit and provide audit services of higher quality, enhanced efficiency and greater value for our business clients."

Deloitte AI Robot:
Thank you Vincent! That's it for today. In later issues, I will invite more guests to take us through the significance of each milestone in Deloitte's Audit Innovation Roadmap and our best practices. See you next time! 

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