Deloitte Touche Tohmatsu Limited Case Study
Deloitte Touche Tohmatsu Limited (Deloitte) is not only one of the “Big Four” professional services firms alongside EY (Ernst & Young), PricewaterhouseCoopers (PWC) and Klynveld Peat Marwick Goerdeler (KPMG), but is the largest among them by revenue and by number of hired people worldwide.
Deloitte offers its dedicated clients various professional services such as consulting, audit, enterprise risk, financial advisory and tax. The firm operates in more than 150 countries to date and employs around 200,000 skilled individuals. During the last quarter of 2014, Deloitte reported its highest global revenue so far with a staggering US $34.2 billion. The Audit division alone accounted for 30% of the aggregate revenues.
The company has experienced
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The latter set in motions necessary requirements that have to be present and that are within the power of the bank’s management in order for Deloitte to agree to the suggested audit engagement.
To determine whether the preconditions for an Audit exist, the followings steps should be observe:
a. The applicable financial reporting framework for the preparation of the bank’s financial statements is satisfactory
b. The bank’s management agrees to uphold its responsibilities concerning unrestricted and unlimited access to obtain any necessary or additional information deemed relevant to the Audit
c. The financial statements are fairly presented
d. Internal control mechanisms are set in place to prevent any material misstatements during the preparation of financial statements
Once Deloitte determines that, the preconditions of an Audit exist, than the firm evaluates the acceptability of the proposed audit engagement by:
a. Assessing the bank’s Internal Audit department
b. Assessing the engagement risk and establishing the terms of the audit
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