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2024 Transparency Report

This report shares key information around our audit practice and its role – the things we’re proud of and steps we’re taking to ensure our Audit & Assurance (A&A) business is resilient now and well into the future.


In what’s been another complex year, capital markets and the audit profession continue to deliver in an environment of uncertainty. Persistent inflationary pressures in Australia are intensifying strain on businesses and individuals alike, while evolving regulatory responses to climate change, geopolitical unrest, as well as significant media and political scrutiny further complicate this landscape. Not to mention the emerging role of artificial intelligence (AI). It’s certainly a multifaceted environment, but one in which we remain driven to uphold market integrity and adapt our audit practices for continuous, sustainable improvement.

It’s essential the audit profession delivers on its role to support trust in reporting in Australia. High ethical standards are central to maintaining this and are key to how we define success in delivering to the quality and standard expected of us.

 

Reflections on FY24

 

Our priority is to provide consistent, high-quality services. To do this, we invest in our people, training, technology, processes and systems of quality control, as well as nurturing a culture of continuous improvement. Again, we’re proud of what we’ve achieved over the past year, but we understand we must always strive for continuous improvement. 

Deloitte’s commitment to quality is central to everything we do. We consistently deliver on this commitment by instilling a culture of quality, integrity and excellence across the A&A business, establishing business and financial priorities, and developing effective processes, tools, and technologies applied in the delivery of engagements. Deloitte’s brand is defined by high-quality A&A services and our unwavering commitment to continuous improvement of our systems of quality management. Keeping pace with emerging economic, business and regulatory developments, as well as technological advances, is critical to enhancing Deloitte’s responsibility to act in the public interest and supporting the effective functioning of the corporate reporting ecosystem.

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At Deloitte Australia, we go beyond the expected to make an impact that matters. As our clients and the environment we operate in evolves, our A&A practice is also evolving. We are leveraging leading-edge technology and diverse skillsets, knowledge and experience to continue delivering high-quality services over a widening range of financial and non-financial information.

We take great pride in instilling confidence and trust in the capital markets, and we are committed to relentlessly raising quality standards and always acting with integrity, independence and transparency.

We are continuously building our capabilities to support the delivery of high-quality A&A engagements, and we are making leading contributions to the future of the audit profession.

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Working in Audit at Deloitte. When it comes to our people and how we work at Deloitte, people continue to be the cornerstone of our audit services and we want each person to be able to thrive in work and life. We invest in our people because attracting, developing and retaining our best practitioners is key to consistently performing high-quality audits.

We know our people get a sense of purpose from conducting work that makes an impact and that gives them the opportunity to learn, expand their skillsets and develop their careers as professional auditors. That is why we continue to invest in the technical and professional advancement of our auditors, both in the classroom and through the invaluable experience of coaching from experienced leaders when they are conducting their work.

People also perform at their best when they feel respected, we believe this involves prioritising wellbeing, professional development and inclusivity in equal measure. There has been significant focus on our profession and the sustainable nature of audit work. This continues to be a critical area of focus for us, and one where we engage our people to co-create what the future of work and the modern audit should look like. This year we have continued to invest in ways to reduce the amount of administrative work our practitioners do through investment in technology platforms and generative AI. We fully support our people taking time to do the things that matter most in life – to start a family, to work flexibly to meet care commitments, or to take leave to focus on their health and education. It is important our people feel they can trust that they come to work as themselves knowing that their race, culture, sex, gender identity, religion or disability is accepted and is not barrier to professional advancement.

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We work hard to continuously maintain and strengthen Deloitte’s reputation – for trust, integrity and professional competence – which is our most precious asset. We always look to deliver on these expectations by setting the right tone from the top in our conduct and culture. FY24 saw us continue to prioritise our client expectations and the expectations of other stakeholders, and do our best to meet them. This is supported by our rigorous and robust monitoring systems, controls and safeguards, and our culture of ‘doing the right thing even when no one is looking’.

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At the heart of our ability to support clients is our trusted brand. Deloitte Australia applies Deloitte Global Independence policies that address quality objectives and quality risks as they relate to the relevant ethical requirements for independence.

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