Integrity in financial reporting took a step forward today with the release of BDO Canada's inaugural audit quality report. Subtitled “Accelerating the quest for quality,” the 2021 report shares the journey of the firm's Audit practice in continuously improving the quality of its audits.
“Every day, in everything we do, we work to inspire confidence in financial information and the ecosystem it supports—investors, lenders, capital markets, and entrepreneurial businesses,” said Daphna Smuckler, Managing Partner of Assurance & Accounting at BDO.
“Our clients expect the highest quality audit of their financial statements, and we demand it of ourselves. That signed audit report packs a lot more behind it than just a signature.”
Businesses depend on financial statements to demonstrate the health of their business when applying for loans, securing funds privately, or raising capital in the public markets. The audit provides assurance to third parties so they can rely on the financial statements.
This year's publication reports the firm's progress in three major areas: people, processes, and technology. Using internal metrics and data collected from a workforce survey, Audit Quality Report 2021 focuses on the values, behaviours, and operations that infuse quality throughout the firm's Audit practice.
For years, BDO has monitored the quality of its audit work to benchmark and better its performance. With quality a growing concern in the business community, the firm decided to share its results with a wider audience.
“We often say audit quality is a mindset,” said Nazia Lakhani, Head of Quality and Assurance Standards Partner at BDO. “What makes my job exciting is the opportunity to apply it every day and see results.”
Audit transformation has taken centre stage in recent years, as BDO has embraced technologies to make its processes more efficient and results more accurate. Yet the firm's top executive sees its dedicated talent base as the ultimate source of its success.
“The secret sauce of our audits is really our people,” said Pat Kramer, Chief Executive Officer at BDO. “As individuals and as highly collaborative teams, our professionals create a culture of quality that's second to none.”
To read this year's Audit Quality Report, visit www.bdo.ca/auditquality.
About BDO
BDO is a leading provider of professional services to clients of all sizes in virtually all business sectors. Our teams deliver a comprehensive range of assurance, accounting, tax, and advisory services, complemented by emerging technology savvy and deep industry knowledge gained from nearly 100 years of being connected to local communities.
After years of national and international growth, our global BDO network positions us to provide seamless and consistent cross-border services to clients with global needs. With over 88,000 people working out of more than 1,500 offices in over 167 countries, the network generates worldwide revenue approaching $10 billion.