Our firm’s commitment to quality and a mindset of continuous improvement is a reflection of our core purpose and values. This commitment is fundamental to how we serve all our stakeholders, and we recognize the important role we play in protecting the interest of investors and other users of financial statements. For this reason, audit quality is one of our highest priorities.
The PCAOB inspection process, including dialogue with their staff, assists us in improving our performance, our underlying system of quality management, and ultimately the reliability of financial reporting. We will continue to work on our journey to improve audit quality, ensuring it remains at the center of our culture.
In this preview of our 2023 Annual Audit Quality Report, we highlight the significant and transformative actions and investments taken since 2022 that, together with our previous efforts, will drive the consistent and sustainable delivery of high quality audits into the future. These changes are multifaceted and interdependent, and we are working to ensure the changes are not only embraced by our professionals, but embedded in our processes, decisions and daily work. While it will take time to fully realize and benefit from these actions, our leadership and professionals are engaged in this journey and are committed to audit quality excellence.
Defining our Audit Quality Approach
Delivering high quality audits is fundamental to building integrity, trust and confidence in the capital markets. To continuously improve audit quality, we have adopted SEED - an acronym that illustrates what audit quality means at BDO – exercising an appropriate level of expertise, timely and thoroughly executing the audit, and going in depth. This approach is driving important behavioral change across all levels.
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