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Analysis

Audit Value Survey

Financial statement audits can help businesses improve performance

Financial statement audits deliver data-rich insights that can help businesses operate better and improve performance. Explore the findings from Deloitte’s second Audit Value Survey below.

The numbers add up

Financial statement audits continue to be a fundamental pillar of the capital markets, helping investors make informed decisions and invest with confidence. In a new survey from Deloitte, building upon research conducted in 2016, C-level executives and audit committee members continue to recognize that financial statement audits deliver value beyond opining on a company’s financial statements.

In late 2018, Deloitte commissioned Wakefield Research to independently survey 300 chief executive officers (CEOs) and chief financial officers (CFOs) and 100 audit committee members to continue to better understand the value and impact of financial statement audits as well as the evolving role of technology in a company’s financial reporting process.

Key findings include:

  • A high-quality audit reveals valuable business insights, for instance, by assessing the effectiveness of a company’s relevant financial processes.
  • Insights that can help management identify company inefficiencies or redundancies and mitigate potential risks to a company are recognized as the top perceived value a financial statement audit can deliver beyond the auditor’s report.
  • C-level executives believe financial statement audits will help management identify opportunities to improve business performance.
  • Respondents identified data and analytics as having the greatest impact on their company’s financial reporting processes in the next five years, followed closely by artificial intelligence.

Today’s corporate leaders understand that investors seek information that goes beyond the traditional parameters of basic financial statements—information that can impact markets more profoundly than ever before. We are continuing to make significant investments in how we deliver audits to enhance quality and meet the evolving needs of the capital markets.

Lara Abrash, chairman and CEO of Deloitte & Touche LLP.

Explore the key survey findings

Value & insight

Risk & redundancies

Performance

Tools & technologies

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About the survey

The Deloitte Audit Value Survey was conducted by Wakefield Research among 300 C-level executives (CEOs and CFOs) and 100 audit committee members between November 5 and December 3 of 2018 using an email invitation and an online survey. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 5.7 percentage points for the C-level executives’ sample and by 9.8 percentage points for the audit committee members’ sample from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the samples.

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The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas, however due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.

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