Innovating the Audit to make a difference

Transcription

1 Innovating the Audit to make a difference October 2017

2 The audit environment is at a critical inflection point, where increasingly complex business models, greater expectations on quality, and the exponential pace of technological change are making it more challenging to remain competitive. In response, Deloitte is taking bold steps with a forward thinking mindset to transform the audit. Renovated methodology and innovative technology solutions adds value to our audit work and develops not only the companies but also the individuals. We lead the world to the future of audit. Our audit approach is an innovative, technological and business-oriented audit approach which covers the whole year. Our approach requires us to understand the business of our clients in a comprehensive manner. As part of the audit process our primary goal is to offer high-quality and riskbased audit services to our clients. 02

3 Quality People Innovation 1

4 Our audit approach A new perspective Distinctive audit approach Integrated audit technology Clear and transparent audit strategy Coordination with audit innovation and delivery center Industry-based risk assessment and benchmarking Intelligent risk assessment methodology Real-time data analysis Systematic risk based approach 2

5 Distinctive contributions Early analysis Fast and comparative data analysis Value-added findings Examining full population rather than sampling Trend analysis and detection of outliers Advanced content and detailed analysis Seeing the big picture Asking the right questions Real-time insight sharing Efficient use of client's time 3

6 Insightful Audit Quality 4

7 Keeping the quality forefront, Deloitte audit approach requires primarily the identification of issues with higher risk and direct the effort to such areas. With the advanced technology tools we use, we maintain the audit quality at the highest level and we are able to identify these risks in a very short time with value added findings. Icount Pusula Spotlight Iconfirm Reveal Argus Scribe EMS Process X-Ray Process Flow ACTT Deloitte Connect 5

8 With PUSULA, genuinely developed by Deloitte Turkey, we are able to integrate the Companies e-book data to our audit approach and analyze the full year data via its interactive interface and compare sectors, in order to focus our effort to the risky areas very quickly. Gathering all subledger data in a single platform quickly and real time insight sharing to our clients. Quickly determining the findings which will add value to Company management and executing a more efficient audit. 6

9 Deloitte Pusula Auditing full population through digital data and avoiding multiple data requests. By using e-book, gathering quality and fast data from clients, analyzing and comparing the data based on the specified periods and evaluating the data consistency by making cross checks. Analyzing e-book data through our technical infrastructure with data privacy security certificate. With PUSULA, we maintain our audit quality level at the highest level and also we utilize the time more effectively not only for our auditors but also for our clients. 7

10 Minimizing the time spend by client personnel and utilize their time at value added areas. Faster detection of outliers from visuals and asking the right questions Interactive filtering and analysis report templates. Analyzing industry information and dynamics through quantitative methods. 8

11 Deloitte Pusula Capability of performing analyses in all mobile devices interactively and real time insight sharing with our clients. Easy access to prior year performances of companies and benchmarking with ratios of similar companies. 9

12 Capability to analyze all financial items of companies: Cash and Cash Equivalents Investments Trade Receivables Inventories Tangible Assets Intangible Assets Trade Payables Accruals Financial Debt Tax Liabilities Equity Sales Cost of Sales General Administrative Expenses Marketing Expenses Financial Incomes/Expenses 10

13 Deloitte Pusula Analysis results can be reported quickly in various formats such as Excel, Word, PDF with a single press of a button. 11

14 Spotlight 12

15 By using high technology data analytics platform developed by Deloitte Global, we are able to obtain companies data easily and by interactively analyzing them, we are able to reveal outliers quickly. By using data obtained from companies, we see the big picture and we are able to determine our focus areas more accurately. We are able to easily overcome the issues such as obtaining and preparing the data, which are the most time consuming processes of data analytics solutions, by using a scripting tool named «extractor» and works directly through ERP systems. 13

16 Deloitte wins Audit Innovation of the Year award at 2015 International Accounting Bulletin awards. 14

17 Argus ARGUS is learning application with Artificial Intelligence which helps us analyze agreementtype documents more efficiently. Quickly identify, highlight and export key terms. Advanced machine learning techniques and natural language processing allows Argus to continuously train itself based on extractions and edits made by auditors while reviewing documents. Using this knowledge, Argus will automatically identify and extract key terms. This information can then be directly exported into workpaper-ready Excel and Word templates with just a click. Effortlessly compare documents. Compare key terms across multiple documents or against a base template to identify key additions, deletions, and modifications. Work without limitations. Upload and convert virtually any document format including images, scanned documents, and faxes into readable PDFs with just a click. 15

18 Intelligent risk assessment Risk settings enable teams to tailor to specific scenarios, taking into account risk levels, controls reliance and substantive testing. Customized audit Consistency checks Magnia (EMS) includes built-in consistency checks, helping teams determine the right audit approach. New audit platform with industry risk database in order to coordinate the audit work centrally. 16

19 EMS Rich and flexible applications Effective audit management Global audit context and applications Remote and immediate access feature 17

20 Process X-Ray Using the Deloitte Data Transformation Platform and corresponding extractors we are able to extract data from the companies ERP systems. Results in audit responses that are tailored based on those risk assessments and support providing actionable deep insights to management and those charged with governance. We provide the results obtained during the audit work to our clients. 18

21 Deloitte Connect Deloitte Connect is a secure, online collaboration site that facilitates a two-way dialogue between the Deloitte team and client team to effectively manage engagement coordination. With drill-down status dashboards and system generated alerts, Deloitte Connect streamlines information requests and provides greater visibility to status providing a transparent, informative and seamless experience. 19

22 ACTT ACTT is a very powerful data-analysis application for identifying potential Configurable Control weaknesses and Segregation of Duty violations within our Companies system environments. In light of the results obtained from ACTT, we can identify and focus on the highlighted exceptions and perform control testing. We can share highly navigable and customizable reports with our clients. 20

23 Process Flow Company s process workflows can be prepared easily and immediately via an interactive interface wich also contributes to determination of risky areas and control deficiencies. 21

24 Icount With the mobile application developed by Deloitte Global, we perform inventory counts more effectively and quickly. We are able to follow count results centrally on mobile devices and share them with the company management simultaneously. 22

25 Scribe Deloitte Scribe is a webbased application that expedites the drafting, comparison, and review of standard audit letters. Deloitte Scribe saves time for preparers and reviewers and enhances quality through process automation and template standardization. 23

26 Reveal Utilize regression analysis through various testing applications Save, export and share results from a secure online platform Cloud - based Modernized look and feel 24 Reveal, applying predictive analytics to substantive analytical procedures, uncovering trends and audit insights to fuel your audit

27 Iconfirm Iconfirm is a secure, web-based application that automates and streamlines the confirmations process and coordinates multiple stakeholders on a centralized platform to enhance audit quality and increase efficiencies. Iconfirm provides a differentiated experience for our professionals and clients through: automated population of confirmation request letters and request s, maintenance and organization of confirmation responses, real-time status tracking dashboards, and collaboration among stakeholders via a secure online portal. 25

28 Interactive communication 26

29 We determine digital solutions for leading brands of the world by blending our unlimited creativity with trustworthy management and our experience on technology in Deloitte Technology Centers located in different locations around the world, and we offer more applicable and distinctive services. Deloitte Online Deloitte App Center Deloitte Turkey Connect 27

30 Deloitte Online We gather the data flow between company and audit team under one portal and prevent duplicate data requests. 28

31 Deloitte App Center We create private data sharing platforms specially tailored for each company. We are able to use all Analytics solutions developed by Deloitte throughout the world by downloading from a platform similar to «App-Store» and offer to your use. 29

32 Deloitte Turkey Connect With Deloitte Turkey Connect; accessing to the most updated news, publications issued by local and global idea leaderships, researches and videos comprising the agenda of business world, became easier and faster. Additionally, you are going to be able to create your own library and by saving publications you would like to follow, you are able to reach that content easily any time you need. 30

33 Disruptive ideas to make a difference 31

34 This is just the beginning of audit innovation! Our vision for innovation aiming continually improvement We are aware of the fact that we must be in seeking for innovation to make difference in Audit. We as a Deloitte, by taking radical and proactive step, we are aiming to have turned the transformation into opportunity. Therefore, we are utterly restructuring the description of Audit through «Bay Street Labs» which was founded within Deloitte Global and come to existence over hands of engineers and innovation experts, in order to make more radical improvements taking us to new era, more rapidly and with a different perspective. We created an innovation based working culture. New ideas, different perspectives, and a working culture that aims continous improvement. We believe, innovation doesn t mean technology only. We are giving opportunity to our talents to share and to implement their brilliant ideas though the innovation initiative that we formed as Deloitte Global and Turkey. As part of our innovative culture, in addition to «brainstorming» sessions hosted periodically, we believe that our «I have an idea» campaign enables our employees to share their innovative perspectives. We make a difference in audit! We are developing and growing together with innovation and technology. Audit Impact Center (AIC) started with the aim of rendering more productive and more qualified services and develop a point of view via integrating audit with the innovation and technology achieves missions which make a difference with the innovative and analytical tools. AIC will continue its operations with its incremental range of services with its young and dynamic team adhered to the motto of 'Make an impact that matters' AIC AUDIT IMPACT CENTER 32

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36 Deloitte Turkey İstanbul Office Deloitte Values House Maslak No İstanbul +90 (212) Ankara Office Armada İş Merkezi A Blok Kat:7 No:8 Söğütözü, Ankara (312) İzmir Office Punta Plaza 1456 Sok. No:10/1 Kat:12 Daire:14-15 Alsancak, İzmir +90 (232) Bursa Office Zeno Center İş Merkezi Odunluk Mah. Kale Cad. No:10 d Nilüfer, Bursa +90 (224) Çukurova Office Günep Panorama İş Merkezi Reşatbey Mah. Türkkuşu Cad. Bina No:1 B Blok Kat:7 Seyhan, Adana +90 (322) /deloitteturkiye /company/deloitte-turkey /deloitteturkiye /instagram.com/deloitteturkey Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. Please see for a more detailed description of DTTL and its member firms. Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte s more than 225,000 professionals are committed to making an impact that matters. Deloitte serves 4 out of 5 Fortune Global 500 companies. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte Network ) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication For information, contact Deloitte Turkey, Member of Deloitte Touche Tohmatsu Limited.