Audit & Assurance
Many drivers are affecting the audit business landscape today. Digitalisation and automation of our services, increasing expectations to quality from regulators and investors, and continuous globalisation, which forces the audit industry to work even more seamlessly across borders and brings in intense competition. All these drivers call for a strategic and innovative response, which is why 2017/18 was all about starting the multiyear transformation journey of our Audit & Assurance practice.
As anticipated and due to disposals last year, revenues in Audit & Assurance have been flat this year, and we continue to retain our market position as one of Denmark’s leading auditing businesses.
To address the external drivers, we have continued to invest heavily in quality and technology to accelerate the transformation of our business in order to meet the increased expectations from regulators and clients. Our ambition is to serve our existing clients in a smarter way and leverage new technologies to achieve greater consistency and more standardisation. In 2017/18, we introduced DeloitteDirect – a cloud-based collaboration platform for clients to store files and provide a complete overview of their finances via user-friendly dashboards integrated with their ERP system.
We have also invested in developing an innovative system for financial reporting in which we incorporate new technologies such as machine learning and cognitive intelligence. This will streamline processes and reinvent the way we do financial statements. Finally, we have developed new audit analytic tools, which will play a central role in the future of audit. The analytic tools provide valuable insights to the audit teams and give our clients important insights about their business, to help them focus on top priorities and make better decisions.
Quality will always be the essence of our business. And quality is not only a matter of investing in the right technology and processes – it is primarily about investing in the development of our culture and people. In Audit & Assurance, we develop auditors for today and for the future, building advanced skills and critical thinking. In 2017/18, we launched the ChangeMaker programme – an audit graduate programme empowering people to challenge and change our own business. The programme brings our people quickly up to speed, so that they can accelerate their career in Deloitte and make an impact that matters from day one. ChangeMaker also strengthens the culture of innovation and integrity.