Deloitte has developed its own audit approach, based on the International Standards of Auditing (ISA) issued by IFAC. It is the methodology we apply in providing professional services relating to the audit of financial statements, supported by AuditSystem/2 (our proprietary audit software tool).
Deloitte’s audit approach, methodology and supporting technologies are benchmarks within our profession. Through a systematic analysis of risks specific to key business processes, we derive an acute focus on areas, transactions and events that are material to the quality and credibility of financial reporting. Central to our approach is the determination of relevant risks through a careful assessment of the client’s industry and the activities that distinguish it.
The complexities of the client’s businesses and the challenges posed by today’s business and regulatory environment require that professionals with a diverse set of skills and experience be used to perform certain substantive auditing procedures. Click here to read more on the use of specialists during our audit.
The four phases of our risk-focused audit approach can be presented as follows: