Project Management

Advancing Quality Through Transparency Deloitte LLP Inaugural Report

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Executive Summary

The fundamental purpose of this report is to take one more step in furtherance of that objective. The focus of this report is on a description of the system of quality controls that Deloitte & Touche LLP (the audit practice of Deloitte LLP) has in place to achieve high-quality audits and on the ways we measure our success in reaching that goal, including the results of internal inspections and PCAOB inspections of our audit work. One thing is clear - auditing public companies is, by its nature, a continuous improvement process. While audit quality initiatives are constantly changing, the goal of each is to guide our partners and professionals toward achieving the highest quality audits. As you will read in the sections of this report, there are several truths when it comes to audit quality: There are no established metrics or statistics that are generally agreed to be a measure of audit quality; Deloitte strives to achieve quality by utilizing a robust and consistent audit methodology that is delivered through a single audit platform used by all of our professionals; The hundreds, if not thousands, of decisions and complex judgments made in the course of performing an audit create the risk of making a decision or judgment that will compromise quality. That risk is mitigated through multiple review mechanisms, a support network in the form of consultation resources, and other elements of the system of quality control described further in this report.

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