Explore audit innovation with Deloitte AI Robot #7
Bold change empowered by Deloitte's global standards
As a pioneering professional services provider, Deloitte founders began to provide services 175 years ago. Although times have changed, Deloitte has always been at the forefront of new developments, taking the lead in audit transformation to meet industry, regulatory and market demands. Amid globalization, business operations are becoming increasingly complex and involve more cross-geographical considerations. They must rely on a consistent set of standards to avoid chaos.
In previous issues, we explored the talent, culture and products of audit innovation on our journey along Deloitte's Audit Innovation Roadmap. Today, we will take you to the third stop – "bold change". Here are Deloitte China Audit & Assurance Partner Wendy Fan, Chongqing Regional Audit Delivery Center Managing Partner Felicia Li and Deloitte China Audit & Assurance Innovation Leader Collin Jin to introduce how Deloitte leveraged globally consistent audit standard workflows, a centralized delivery model, and digital solutions, to build its new global audit platform – Omnia.
Deloitte's audit transformation has a clear roadmap, from standardization to centralization, digitalization, and finally the Deloitte Way to the future of audit. Based on our extensive service experience, standardization is a crucial step in the journey to transformation. Therefore, we take globally consistent Deloitte Way Workflows (DWW) as standard audit guidelines to promote highly consistent audit processes, highly standardized data analysis and highly integrated technology solutions.
I have seen how DWW provides guidance on how to execute each audit workflow. With an emphasis on quality, efficiency and value, it improves all aspects of audit by clearly defining roles, responsibilities and steps, and specifying related personnel, procedures and tools to ensure all audit tasks are properly arranged, executed and delivered with high quality.
Sharp tools make good work. DWW is Deloitte's key initiative to drive audit standardization and consistency. As the managing partner leading Deloitte China's DWW application support, I believe the full implementation of DWW will lay solid foundations for audit transformation and innovation.
We have established a Regional Audit Delivery Center (RADC) in Chongqing. As an important part of audit transformation, RADC works closely with onsite audit teams to optimize personnel deployment, assist in implementing new measures on global innovation, audit quality and compliance, to deliver audit results more intelligently. It also provides better services for clients and other stakeholders to help Deloitte stay ahead of industry competition.
Speaking of digital solutions for audit processes, I bet you can't wait to see the new global audit platform, Omnia, we mentioned earlier.
As a new, comprehensive cloud-based audit platform, Deloitte Omnia features an extensive suite of data resources and a combination of audit standard workflows, a centralized delivery model and digital audit tools. It uses technologies such as data analytics, automation and cognitive intelligence to deliver a seamless, end-to-end digital audit experience that covers project coordination, resource planning, real-time risk assessment and insights, visualized data analysis and research, and clear financial reporting results.
Deloitte Omnia's six distinctive features
Agile audit built in the cloud
Omnia realizes cloud-based management of all workflows of digital tools and technologies throughout the audit process. It provides real-time, efficient and automated standard processes and management modules, coupled with a rigorous data security and identity authentication system, as well as mobile collaboration, to deliver more secure, faster audit services and realize point-to-point agile audit.
Data-driven focus on risks
Equipped with Deloitte's powerful industry-specific analysis library and an advanced data-driven predictive algorithm and model, supported by a team of data analytics experts, Omnia allows auditors to quickly identify trends and anomalies, with a focus on risks, to conduct more precise risk assessment.
Dynamic result presentation with real-time insights
Using real-time visualization, Omnia presents the results of each data analysis as a meaningful storyline, and provides instant, dynamic insights for auditors and clients through real-time data updates and interaction. In addition, its integrated analytical capability and embedded diagnosis helps auditors test big data, and conduct targeted investigations when needed.
An upgraded experience via project management
With advanced project management features, Omnia ensures standardized, process-oriented and visualized audit project management to increase transparency and collaboration between auditors and clients, improving the client experience.
Continuous optimization through AI
Omnia integrates AI and machine learning capabilities that allow it to continuously evolve with technological advances, enhancing audit quality and the client service experience.
Developing new markets based on global collaboration
By connecting Deloitte's global talent, processes and technologies, Omnia allows auditors to break geographical boundaries, share technologies developed globally, and exchange audit achievements. It enhances the connection and collaboration of audit teams with the broader business, and helps shape an innovative, win-win ecosystem to continuously develop new markets.
In the face of uncertainties in the global economy and markets, we believes we will be able to drive steady, robust social economic growth so long as we implement Deloitte's culture of collaboration and commit to acting in concert with clients, regulators and talent, as well as global markets and industry, through collaboration, cooperation and connection. This is our mission and commitment as a leading global professional services firm. Deloitte Omnia is one of the assets underpinned by Deloitte's USD1 billion investment in audit transformation. It not only fully demonstrates our commitment, but also carries our expectations for personnel, processes and technology, and the full transformation of Deloitte's audit practice.
The path to audit innovation is tied closely to the development of innovative technologies. Rapid technological progress allows us to work smarter on audits, adapt to market changes and embrace the future of audit. In the next issue, I will take you on a journey to the future to see how Deloitte uses technology to empower industry change and transformation to reshape audit.