Advancing Audit Quality with Smarter Audits

Shaping the future of accounting

Audit quality will always be essential. It should also anticipate the changes of an evolving, growing business and adapt continuously. A Deloitte audit does this—by using advanced technology, design thinking, and multi-disciplinary teams that include data and analytics specialists.

Ensuring audit quality. Advancing technology.

Audits and audit quality remain vital as today’s businesses evolve. In fact, audit is an even more valuable enabler of our vibrant capital markets. It embodies continuous innovation, applies agile auditing, and is grounded by risk-based methodology and workflows.

As the methods for achieving audit quality progress, Deloitte stays ahead by embedding advanced technology into every audit. We take the technologies transforming the marketplace—such as cloud, process automation, data visualization, and cognitive analytics—and build them into the audit.

But it doesn’t end there. A Deloitte audit showcases our most valuable asset: the skills and expertise of our professionals. Our experienced auditors not only take the lead in ensuring audit quality, but they also rely on contributions from data scientists and subject matter resources. That mix enhances the audit team’s ability to use data insights pulled from our technology and your data to reveal and describe business issues for you to consider.

Every part of our organization is dedicated to audit innovation. By harnessing new, advanced capabilities, we’re elevating quality, providing objective insights, and delivering a differentiated audit.

Jon Raphael, national managing partner, Audit Innovation and Client Service Delivery, Deloitte & Touche LLP.

Reduce the burden on your team

Given the technologies available today, your people should spend less time supporting the needs of your audit. That’s why we set out to reduce your administrative burden, prevent surprises, focus on audit quality, and deliver greater value by becoming increasingly adaptive and agile through transparency and smart automation. We make that happen in a few ways.

  • Hosting a comprehensive planning process or transition lab. This helps us design a process that fits key issues and timing for your business, teams, and audit committees. We also use the lab to help determine the mix of technologies to deploy given the state of your company’s data, industry, and regulatory factors.
  • Enabling visibility, transparency, and information sharing. Using Deloitte Connect, a digital portal, we share digital information with clients. This helps improve efficiency, communication, and precision. It also aids decision-making by informing the right people of relevant details on time.
  • Remaining agile. As the audit progresses, our process remains agile and flexes to change. We can implement additional tools, launch sprints to resolve issues, develop and deploy new analytics, and identify process improvements for future audits.

Smart technology. Smarter audits.

Deloitte’s audit technologies are built into all that we do, allowing us to achieve smarter audits. Our technologies have handled vast quantities of data, gained efficiency, predicted risks, and continue to advance. And our cloud-based audit platform is designed to:

  • Bring together our suite of technologies and analytics capabilities
  • Scale to meet the needs of our clients—all sizes and industries
  • Evolve easily with technology advancements

Business insight: Technology is at the core of our audit. With it, teams manage data, conduct advanced analyses, and uncover insights. Our technology not only handles big data sets, but it also integrates and combines tools for our auditors.

  • Conducts optical character recognition, natural language processing, and machine learning
  • Analyzes trends, regression, risks, and anomalies
  • Automates processes and routine cognitive tasks
  • Aggregates data, both structured and unstructured
  • Flexes to scope, scale, data quality, and industry

Transparency: Deloitte Connect is our intuitive, cloud-based client portal. It improves efficiency, quality, transparency, and trust among teams throughout the process and helps reduce the administrative burden on clients by:

  • Facilitating document sharing, data sharing, real-time visibility, and scheduling
  • Enhancing transparency, communication, accuracy, process improvement, and customization
  • Communicating alerts, project status, and schedules

Audit delivery: Our people have the tools to gather and manage big data sets efficiently and securely. Here are a few of the tools we use:

  • Icount: Enables auditors to collect data on mobile devices accurately and efficiently and upload from the field into a secure, online database
  • Iconfirm: Automates and streamlines the confirmation process and coordinates secure collaboration between audit stakeholders
  • Drones: Remote-sensing, advanced imagery drones, and post-flight software analysis are being tested for hard-to reach inventory observations and asset inspections

Shaping the future of the profession

Deloitte is redefining the audit with our award-winning technology.

  • 2016 winner: Most Innovative Practice (Large Firm category)—British Accountancy Awards named Deloitte the winner for our best-in-class audit analytics platform and our investment in cognitive and robotic technologies.
  • 2015 winner: Audit Innovation of the Year—International Accounting Bulletin Awards
  • 2015 global leader, Business Analytics Services—Gartner Research

As we move toward a more connected future, we will continue to invest in innovation, transformation, and emerging technologies that deliver greater quality, insights, and value to our clients and the capital markets.

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