Measuring audit quality
It is imperative to us that our audits are consistently high quality, so we continually monitor and measure certain key metrics. Read more.
Welcome to our 2021 Audit Transparency Report
This year has brought opportunity alongside considerable challenge and change. Our report reflects on a year in which protecting the public interest and building trust in business have continued to guide our work in support of audit and corporate governance reform.
Introduction by Paul Stephenson
A three-minute overview of this year’s Report from Paul Stephenson, Managing Partner Audit & Assurance, Deloitte UK
"We are designing for the future, while continuing our uncompromising focus on audit quality and drawing on our strong culture of doing the right thing. We will do everything we can to ensure audit remains a valued service and attractive career path."
Read transcript
Introduction
Over the past year, I’ve been really impressed by how our teams have responded to change and adapted to new ways of working, and by the commitment our people have shown to each other, to our business, and to delivering quality.
What is the Audit & Assurance strategy?
Our strategy is centred around our purpose of protecting the public interest and building trust and confidence in business.
How we are organised and the way we work together is critical, including the audit culture and the audit quality environment that we create.
So this is why, on 1 June we implemented the majority of operational separation and evolved our operating model.
Are you happy with the progress in audit quality?
Every day, I see for myself the absolute commitment of our people to delivering the very highest audit quality standards and I know how much we invest in continuous improvement. So, I’m happy with the progress we’ve made in recent years.
But, of course, I recognise there’s still more to do. The FRC's recent public report on its audit quality review of Deloitte demonstrates many positive findings, as well as some valuable learnings for us to take forward.
We can and we want to do more to achieve the consistently high standards of quality we expect of ourselves, and others expect of us.
What impact will operational separation have?
As a fully transparent business, independently governed by our new Audit Governance Board and clearly separated from advisory work, we’ll enhance our focus on audit quality and in serving the public interest.
The Audit Governance Board is already advising and challenging us, getting right to the heart of the drivers of audit quality.
What are your top priorities for FY22?
I’ve spoken about audit quality and there’s a lot more on this in the Report.
Another priority is to embed the new operating model. It will create more opportunities for our people development and in so doing enhance the attractiveness of the audit profession.
It’s also an important time for us to be preparing for the next wave of audit rotations and tenders, where we can build on all the fantastic work we have done to date to ensure a strong and resilient business that continues to serve the public interest.
What are your perspectives on the current scrutiny of the audit profession?
The spotlight on audit clearly demonstrates how important it is for society, and its role in protecting the public interest.
While such scrutiny brings challenges, it also presents a unique opportunity to shape the future of our profession. One where audit remains a valued service and an attractive profession, and our Audit & Assurance business continues to be a really great place to work.
2021 Highlights
Leadership message
We are proud of how we have navigated the changes and challenges of the past 12 months and are looking ahead with confidence in our people and our firm. Read more.
Report from the Non-Executives
Our Non-Executives outline their view of how Deloitte is approaching audit reform, including the establishment of our Audit Governance Board. Read more.
The Deloitte Perspective
We recognise the critical role we play in the UK's business environment and support changes that enhance audit quality and improve choice in the audit sector. Read more.
Delivering quality audits
Our culture, our people, our processes and our quality monitoring and measurement all underpin the delivery of quality audits. Read more.
