Just saw this beauty pop up on the ole Twitter timeline:
Audit plays critical role in building trust in public + capital markets – is a cornerstone of Deloitte’s work http://t.co/ZGzzwc1BKn
— Deloitte (@Deloitte) September 26, 2014
Funny you say that, guys, because when we looked at your big, pretty revenue announcement earlier this week, the first thing we noticed was double digit growth in consulting and audit posting a 2.5% gain. Look, it's right here in the release even:
Growth was led by Consulting, which experienced double-digit growth (10.3 percent in local currency), followed by Tax & Legal (7.7 percent in local currency). Financial Advisory and Enterprise Risk Services also experienced strong growth with 6.8 percent and 4.2 percent (in local currency), respectively. Audit experienced growth of 2.5 percent in local currency, reflecting growth even after accounting for the network’s significant investment in quality around its audit service.
You'll note "local currency" is the US dollar. So basically, audit services have grown at about the rate of inflation.
The Salzberg's own quip seems to diss audit and focus on "forging new ground," which is totally code for "shit that isn't audit":
“By repeatedly forging new ground, Deloitte continues to stay ahead of the considerable disruption facing clients, our people, and the society in which we operate,” said Barry Salzberg, Deloitte Touche Tohmatsu Limited CEO. “Member firms remain sharply focused on their unique ability to address the specific needs of their clients through distinctive breadth of skills, deep industry knowledge and strategic investments, while bolstering trust in the marketplace, hiring and developing the best talent, and delivering value to society.”
Cornerstone? Hardly.
