Deloitte Wins 2020 'Audit Innovation of the Year' at the Digital Accountancy Forum & Awards

Deloitte's newly launched Omnia DNAV is recognized for transforming the audit profession

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Deloitte

Oct 06, 2020, 09:03 ET

NEW YORK, Oct. 6, 2020 /PRNewswire/ --

Key takeaways

Deloitte's Omnia DNAV is a digital, cloud-based solution that revolutionizes the audit of investments and related transactions to deliver high-quality audits with relevant insights
Omnia DNAV is the latest feature of Deloitte Omnia, the first global audit platform to be 100% developed and operated in the cloud that integrates cognitive technologies, customized workflows, and advanced data analytics to deliver The Deloitte Audit

Omnia DNAV, the latest feature of Deloitte Omnia, was named "Audit Innovation of the Year." This marks the third time since 2015 that Deloitte has been recognized by The Accountant and International Accounting Bulletin for delivering innovative and transformative technologies to the audit profession. Deloitte won the 2018 "Audit Innovation of the Year" for its audit-transforming Cortex data platform and in 2015 for Argus, an artificial intelligence tool that quickly identifies, extracts, and analyzes information across an entire population of documents.

Deloitte's Omnia DNAV is a digital, cloud-based solution that revolutionizes the audit of securities and investments. Omnia DNAV combines digital technologies, automation, data science, and artificial intelligence with auditor judgment to drastically reduce manual effort, allow for 100% coverage of a client's securities transaction records and enable auditors and clients to focus on what matters. What makes Omnia DNAV truly innovative is its use of proprietary algorithms to establish a new way of performing investment valuations. It transforms client data and external vendor data using intelligent algorithms to build "One Deloitte Price" while simultaneously automating audit procedures. Deloitte was also recently named to Accounting Today's 2020 best firms for technology.

"The continued recognition by the International Accounting Bulletin speaks to Deloitte's commitment to audit transformation and our role in leading the profession with innovative, disruptive technologies," said Jon Raphael, National Managing Partner – Digital Transformation & Innovation, Deloitte & Touche LLP. "DNAV is the latest enhancement to our global audit platform, Deloitte Omnia, and highlights our efforts to digitize the audit—enhancing audit quality and driving efficiencies that give valuable time back to our clients and auditors to focus on areas and activities that matter most."

Omnia DNAV uses sophisticated algorithms to instantly execute investment valuations and automate procedures. This new capability is one in a series of investments made by Deloitte to deliver its promise to continuously innovate and leverage cutting edge technology to provide transformative, high-quality audits.

"With Deloitte's Omnia DNAV, the traditional way of performing manual, time-consuming audit procedures over securities and investments evolves to become an automated process that eliminates redundancies, improves quality, and optimizes efficiency," said Susan Klink, Financial Services leader for Audit & Assurance, Deloitte & Touche LLP. "Omnia DNAV brings a reimagined approach for using technology to digitize and automate audit procedures and lays the foundation to instantly execute investment valuations and automate procedures."

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About The Accountant and International Accounting Bulletin

The Accountant and International Accounting Bulletin, owned by Timetric, is a global magazine covering the professional services world. Focusing on business issues affecting firms, networks and associations, it is a source for leading accounting news, as well as data and analysis provided by its survey features.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 55,000 private companies. Our people work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 312,000 people worldwide make an impact that matters at www.deloitte.com.

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SOURCE Deloitte