Deloitte Malta’s total turnover for the year ended December 31, 2010 was €15.3 million, compared to €12.3 million in the previous year, according to the firm’s Audit Transparency Report 2010.

In 2010, fees for audit work amounted to €4.9 million (€3.8 million in 2009) while fees for all other services amounted to €10.4 million (€8.5 million in 2009).

The firm has witnessed consistent significant growth every year since 2006, when its total revenue amounted to €7.1 million.

“The significant growth has enabled the firm to further increase its investment in quality control and to develop specialists to focus in a number of service areas.

“More importantly this continuous increase in size has enabled the firm to further consolidate and improve its governance processes, ethical principles and quality control procedures,” the report said.

The report said that Deloitte Malta has continued to strengthen its independence over the years by an ongoing process of diversifying its client base to eliminate any undue dependence on any one single client.

“In particular the firm continues to consider the Government of Malta to be one single client and has been mindful to monitor its revenue from government and government controlled entities,” it said.

In 2010 Deloitte Malta’s revenue split was as follows: Private and other – 94.1 per cent; Government – 0.7 per cent; Public interest entities – 5.2 per cent.

Deloitte Malta said the firm regularly assesses its people’s qualifications and ensures that the appropriate level of continuing professional education is carried out. During 2010 Deloitte’s professional staff carried out significantly higher training hours than the amount required by regulators and professional bodies.

“We anticipate that this average will continue to increase as the complexity and regulations in our profession increase,” the report said.

Surveys conducted by Deloitte Malta in 2010 point to staff members showing a high level of awareness of ethics and a culture of integrity within the firm, as well as a positive outlook towards the firm. A client survey also produced very positive results regarding how they rated Deloitte’s services.

The report said firm’s Risk, Reputation and Governance Executive Committee is satisfied that the firm’s internal quality control system is effective in providing reasonable assurance that the firm complies with applicable professional standards and regulatory and legal requirements.

Paul Mercieca, chief executive officer, and Steve Cachia, compliance principal, Deloitte Malta, said in their introduction to the report: “Transparency is an increasingly central element in demonstrating quality, and we fully support disclosure that provides investors, audit committees, regulators and other stakeholders with information that will help them understand our commitment to audit quality”.

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