Transparency

As we continue navigating the shifting landscape of the Australian and global economy and business environment, our top priority remains to uphold the highest standards of quality, transparency, and ethical conduct. Our 2024 Transparency Report demonstrates our unwavering commitment to executing high-quality engagements and fostering trust amongst all of our stakeholders, while retaining a continual focus on our values and purpose.

In this report, we outline the process enhancements we undertook during the 2024 financial year and share information about how our ongoing efforts to ensure our people, processes, systems, and approach to innovation have quality as the driving force.

Our audit and assurance team continues to grow, as do our efforts to ensure they have the learning and development opportunities they need to deliver exceptional client service. Combined with this, ongoing investment in our System of Quality Management creates the environment all our people need to deliver high-quality outcomes for all stakeholders.

The measures we use to assess our quality demonstrate the continually high quality of BDO engagements. Despite this, we adopt a proactive approach to ensuring the measures we use remain relevant and appropriate, so we review them on an ongoing basis and will change any deemed necessary to achieve accurate measures of quality in the future. 

This Transparency Report sets out our system of quality management with a specific focus on audit and assurance during the 2024 financial year - what we have done well, the improvements we have made, and the results of testing our systems and processes. 

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In this report, we outline the audit service and process enhancements we undertook during the 2023 financial year and share information about how our ongoing efforts to ensure our people, processes, systems, and approach to innovation have quality as the driving force.

Our Audit & Assurance team continues to grow, as do our efforts to ensure they have the learning and development opportunities they need to deliver exceptional client service. Combined with this, ongoing investment in our System of Quality Management creates the environment all our people need to deliver high-quality outcomes for all stakeholders.

The measures we use to assess our audit quality demonstrate the continually high quality of BDO audits. Despite this, we adopt a proactive approach to ensuring the measures we use remain relevant and appropriate, so we review them on an ongoing basis and will change any deemed necessary to achieve accurate measures of audit quality in the future.

This Transparency Report sets out the foundations of our approach to audit quality during the 2023 financial year - what we have done well, improvements we have made, and the results of testing our systems and processes.

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As we continue to navigate significant change and disruption in the economy and business environment, audit quality remains our priority. BDO is committed to preserving trust through the delivery of our audits driven by agility and innovation. We are clear on our role and responsibility to support the integrity of reporting and disclosures that instil confidence in capital markets.

The past three years have been more complex and presented greater challenges than any time during the last 25 years. COVID-19 and the resulting changes to the economy and workplaces have put enormous pressure on both BDO and our clients. Our people have responded very well to these changes and continue to deliver high quality audits. The greatest challenge we have at present is a lack of skilled professionals within Australia who are able to complete audits. The solution to this will take some time.

Commercially our audit and assurance business continues to show strong growth, a trend that has continued for a number of years. We see no shortage of opportunity going forward. This growth, with the backdrop of resource challenges, means we have to continue to improve our ways of working.

The measures we use to gauge our audit quality continues to demonstrate the high quality of BDO audits. There are a number of measures that continue to support our quality objectives. However, there are some that have not worked as we would have hoped and will be changed. This report sets out the foundations of our audit quality objectives, what we have done well, the improvements we have made to do better, and the results of testing our systems and processes.

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BDO’s 2021 Transparency Report has been prepared to comply with the requirements of the Corporations Act 2001. Consistent with our values, we recognise we have a commitment to transparency for our people and our clients.

The personal, professional and societal disruption caused by the COVID-19 pandemic has proven to be a major catalyst for change, driving us to think and work differently, while navigating numerous unforeseen challenges. Throughout this period, our focus has not only been on audit quality but also on the health, safety and wellbeing of our people.

This has been achieved through living our values, which together shape our behaviours and organisational culture across BDO in Australia.

Our 2021 Transparency Report provides information about how we continually adapt to the changing audit environment and how we maintain the trust of clients and investors during these unprecedented times. The report also focuses on our system of quality management and the culture of audit quality across BDO in Australia.

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BDO’s 2020 Transparency Report has been prepared to comply with the requirements of the Corporations Act. It also provides us with an opportunity to share our approach to audit quality.

Our internal values and strategic drivers continue to provide direction in what has been a challenging year for capital markets and the broader economy. The coronavirus has presented unprecedented challenges for preparers and auditors of financial statements and these impacts will continue to be significant. We at BDO are aware of the role that transparency plays in building and maintaining trust in these difficult times.

The ongoing inquiry into the regulation of auditing in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC) is also keeping the spotlight on audit quality and regulation. Our 2020 Transparency Report considers the recommendations made by the PJC in its interim report.

In addition, our 2020 Transparency Report provides information about our systems of quality control, which enable clients and investors to better understand how we support and improve audit quality and the results of our efforts to date.

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BDO’s 2019 Transparency Report has been prepared to comply with the requirements of the Corporations Act. It also provides us with an opportunity to share our approach to audit quality.

Guided by our internal Values and strategic drivers, 2019 was all about transformation with a continued focus on audit quality. By refining the behaviours of our people, transforming our audit processes, and using appropriate technology, we have made significant progress to further developing BDO’s audit practice as one that continues to deliver value and quality.

With the current debate on the future of audit, its role in changing capital markets and continued focus on regulation, BDO recognises that developing the right behaviours and a culture that values quality is not negotiable.

Our 2019 Transparency Report provides information about BDO focusing on our systems of quality control which enable clients and investors to better understand how we support and improve audit quality and the results of our efforts to date.

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