In spite of the global economic downturn, Deloitte Malta's total revenue for 2009 grew by 14 per cent with fees for audit work increasing by 23 per cent over 2008, according to the firm's Audit Transparency Report 2009.
Fees for audit work last year amounted to €3.8 million (€3.1 million in 2008) while fees for all other services amounted to €8.5 million (€7.7 million in 2008).
The report highlights the fact that Deloitte has experienced double digit growth in most of its core services in the years since its inception. It shows that its total revenue has increased from €6.3 million in 2005 to €12.3 million in 2009.
The firm says that it has bolstered its independence over the years by diversifying its client base to eliminate any undue dependence on any one single client. In particular, the firm considers the government to be "one single client" and has been careful to monitor its revenue from the government and government controlled entities.
Its revenue split is as follows: Government, €0.1 million; Public Interest Entities, €0.6 million; Other Private Sector, €11.6 million.
Twenty-one per cent of Deloitte's revenue from public interest entities comes from non-Maltese PIEs, typically of subsidiaries of corporations listed on the world's largest stock exchanges.
Deloitte issued its 2010 Transparency Report pursuant to the provisions of the Accountancy Profession Act requiring audit firms that carry out statutory audits for public interest entities to publish annually information in their website relating to their governance and quality structures.
Deloitte Malta managing partner Paul Mercieca said in the report that the firm fully supports disclosure that provides investors, audit committees, regulators and other stakeholders information that will help them understand its commitment to audit quality.
"By providing a clear view of how our firm operates, we are delivering on a vital element of our business: making proactive efforts to sustain our stakeholders' high levels of trust.
"There is no substitute for quality, and we continuously strive to improve - by enhancing our audit methodology, our internal quality reviews and the professional skills of our people," Mr Mercieca said.
Among Deloitte's PIE clients are Bank of Valletta plc, CareMalta Finance plc, Citadel Insurance plc, Crimsongwing plc, Global Capital plc, Island Hotel Group Holdings plc, Malta International Airport plc and Hotel San Antonio plc.