Most Innovative Large Practice
Deloitte win at British Accountancy Awards
When it comes to innovation, there’s saying and there’s doing. Deloitte does. We make a concerted and continuous investment in developing breakthrough technologies, fresh approaches and new, disruptive perspectives to reshape the audit. Deloitte was externally recognised for this through our win at the British Accountancy Awards for “Most Innovative Large Practice”. Katie Houldsworth, UK Audit Partner lead for Innovation, collected the award at the ceremony on 29 November.
Why did we win?
Our submission included examples of how we are innovating our core audit business and disrupting our markets by investing in innovative services, as we transform our approach to audit. The judging panel identified four key areas that they were impressed with:
Deloitte’s Spotlight patented technology allows our audit teams to access cutting edge data analytics software, and demonstrate sophisticated levels of risk-focus. This enables us to direct audit effort to the most valuable areas and to bring our clients unprecedented visibility to their data trends. Spotlight is a global platform which means that as our teams across the world develop new analytics we can bring these insights rapidly to our global portfolio of clients.
Cognitive and Robotic Technologies
Within Audit Innovation we see cognitive and robotic technologies as being critical enablers in driving our strategy and we are actively working with 3rd parties to build and invest in new tools and solutions which have huge potential to continue to transform the way we deliver our audits.
Propel by Deloitte
Propel by Deloitte is an excellent example of how we are innovating to access markets in a new way in the UK. Propel’s growing client portfolio of ambitious start-ups and small businesses benefit from a range of high-quality accounting essentials, a designated finance expert, bespoke business performance analytics and a range of growth planning tools. Crucially, the Propel team are able to offer this service at rates that are affordable for small businesses, enabled by automation and best in class technology. Since launching Summer 2016, the service is gathering momentum in the market, with clients describing the solution as a “powerful launch pad to underpin growth plans”, and a “game changer”.
Building a Culture of Innovation
One of our key priorities is to embed an Innovation Culture in our business – and to encourage people to recognise that innovation covers both “doing new things” and “doing existing things in new ways”. This year we engaged with over 1800 UK Audit Practitioners at a dedicated Innovation Zone as part of Audit’s Summer Technical Training where we showcased our tools and technology under development and attendees brainstormed how we could leverage the tools in our Audits. We are running sessions for all our recent graduates to share our future vision for audit and to give them practical examples of how they can get involved. We have also recently launched Cognia, a global web based platform, providing central access to our audit teams to new audit tools and technologies.