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Deloitte hosted a lecture on 23rd January 2013 as part of a series on ‘Tomorrow’s Finance’. The keynote speaker was Professor John Kay who chaired The Kay Review of UK Equity Markets and Long-Term Decision-Making which reported to the Department of Business, Innovation and Skills in July 2012.
John’s topic was “Building trust and confidence by changing behaviours in financial services”. Oliver Grundy, a Deloitte audit partner specialising in capital markets, contributed his thoughts on the future direction of the sector as one of four panellists responding to Professor Kay’s policy recommendations.
Deloitte is participating in an innovative cross-industry initiative to ask big questions about the future of the audit profession. AuditFutures seeks to create opportunities for dialogue and to build relationships, trust and greater understanding between stakeholders. Its first assembly in July 2012 brought together a diverse gathering of 120 professionals from over 75 firms and organisations, including Deloitte. The assembly was the first step in a journey to collaborate and innovate in recognition of, and response to, the big questions that the profession is facing.
Deloitte UK partner Mark Rhys is a member of the Financial Stability Board’s (FSB) Enhanced Disclosure Task Force (EDTF), formed in May 2012. The Task Force presented a report to the FSB in October 2012, which includes a number of recommendations aimed at enhancing the clarity, comparability and timeliness of information that banks provide to their investors. Deloitte endorses the Task Force’s recommendations.
At the request of the FSB, the EDTF has undertaken review work this year looking at the implementation of its recommendations - see its July letter to the FSB Chairman. Despite the fact that the report was issued shortly before the year end for December reporters, banks’ risk disclosures did improve and further enhancements are expected from users in the next round of annual reports. Deloitte’s recent publication - Responding to the EDTF’s recommendations: A review of 2012 year end reporting - highlights examples of good practice.