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2023 Transparency Report

This report is an important opportunity for us to share key information around our audit practice and its role – the things we are proud of and the steps we are taking to ensure our A&A business is resilient and fit for the future.

We are operating in a challenging environment
. Recent financial years have brought considerable uncertainty for the capital markets, the audit profession and our people. In addition, the ongoing impacts of inflation in Australia and overseas – and central bank efforts to contain this trend – have added pressure to businesses and people alike. We are also seeing continuing geopolitical challenges, regulatory responses to confront the climate challenge and, particularly in Australia, increasing media and political scrutiny on our profession.

“Auditors play a key role in contributing to the credibility of the financial statements on which they are reporting. High-quality audits support financial stability.”

- International Auditing and Assurance Standards Board (IAASB) 

During these uncertain times, the audit profession must step up to its role in driving confidence, with a relentless focus on quality, confidentiality and integrity. Audit quality and a commitment to maintaining high ethical standards are central to sustaining trust in the audit profession. It helps us set our priorities and is key to how we define our success.

Our culture of quality and the environment we create are critical to our resilience and reputation as a business.

Our people have shown exceptional agility in responding to these ongoing challenges. We have been united by a shared ambition to protect the public interest, to support each other and to make an impact that matters in everything we do for and with our clients, each other and the communitiesin which we live and work.

Reflections on FY23

Our priority is providing consistent high-quality services and this is made possible by our ongoing investment in our people, training, technology, processes and our system of quality management and embedding a culture of continuous improvement we can all be inspired by and proud of. We are also focused on embracing diversity of thinking to further strengthen the resilience of our business.

We are proud of what we have achieved over the past year but there is more that we still want to do.

Deloitte’s commitment to audit quality is central to everything we do. We consistently deliver on this commitment by instilling a culture of quality and excellence across the network, establishing business and financial priorities, and developing effective processes, tools, and technologies applied in the execution of audits. Deloitte’s brand is defined by the high-quality audits delivered and by the unwavering commitment to continuous improvement of our systems of quality management. Making sure audit quality keeps pace with emerging economic, business and regulatory conditions, as well as technological advances, is critical to the continual enhancement of Deloitte’s role in protecting 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 constantly evolving, 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 the standards of quality and always acting with integrity, independence and transparency.

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

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Deloitte’s culture of excellence and design of learning programs and experiences place our people at the forefront. We invest in our people not only from a technical viewpoint, but also from a coaching and leadership basis – empowering them to co-create the right culture for their peers to succeed. Attracting, developing and retaining our very best practitioners is key to consistently performing high-quality audits.

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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 those expectations by ensuring we set the right tone from the top in terms of our conduct and culture. The past 12 months have seen us continue to prioritise our client expectations and the expectations of other stakeholders and do our best to meet them, 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. That is what our people, our clients and our stakeholders expect and demand.

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