BDO Malta Transparency Report 2023

We are pleased to introduce you to the BDO Malta Transparency Report that covers the financial year ended on the 31 December 2023. 

Our commitment to excellence in a dynamic business environment  

As we reflect on the exciting developments of 2023, BDO Malta remains dedicated to embracing a landscape filled with growth and transformation opportunities. In the face of ongoing geopolitical shifts and global dynamics, we are energised by the possibilities that lie ahead. Our revenue increased by a remarkable 12% compared to the previous year. This positive trend in our fee income underscores our clients' trust in our services and our ability to provide value even in a highly dynamic business climate. 

We extend our heartfelt gratitude to our clients for their support and trust. Recognising that our clients rely on us for timely and professional services, we are committed to exceeding their expectations. The dedication and hard work of our Partners, Directors and staff play a pivotal role in delivering exceptional service, contributing to our overall impact. 

We recognise that our accomplishments closely align with the objectives of our clients. We are determined in our commitment to cultivating long-term, trusted relationships and delivering services that align with their aspirations. Our confidence in providing exceptional service and value remains robust, and we eagerly anticipate partnering with our clients as they explore the ever-evolving business landscape. 

Strengthening a culture of quality 

At BDO Malta, we dedicate ourselves to investing in the growth and development of our people to meet the increasing demand for our services. Our culture ensures that all clients receive professional and high-quality service. We take great pride in our commitment to audit quality management, and we are proud to have introduced an annual Audit Quality report in addition to publishing this Transparency report. 

To further strengthen the culture of audit quality, in 2023 we launched an Audit Quality Award to celebrate and recognise outstanding achievements in maintaining audit quality standards within our audit teams. The meeting of the BDO Global Audit & Assurance Quality Committee in Malta last April was also noteworthy of our commitment to upholding the highest audit quality standards. The interaction allowed us to share insights and discuss global trends in audit. 

The recent Audit & Assurance Culture of Quality survey affirms our firm's dedication to excellence. Respondents overwhelmingly express alignment with our values. They acknowledge our leaders' commitment to high-quality work, understand engagement expectations clearly, embrace personal responsibility, and feel secure in their roles. These insights validate our commitment to quality and guide our ongoing improvement efforts. 

We also prioritise investing in our employees and during 2023 we conducted various management development training sessions to foster the growth of our managers and leaders. This encompasses both honing hard skills and nurturing soft skills. Additionally, we actively participate in career fairs and events, reinforcing our commitment to future generations by showcasing the BDO brand and providing opportunities for engagement. 

In 2023, Malta was chosen to be amongst the first markets to launch BDO’s brand refresh, reinvigorating our image which reflects our evolving identity. As part of this initiative, we launched a new website, offering our audience an enhanced digital experience and improved accessibility to our services and resources. Additionally, in line with our commitment to robust governance, we appointed two new directors in 2023 to strengthen our leadership team and governance structure. Their expertise and guidance will play an important role in guiding our strategic initiatives and ensuring the highest standards of governance and integrity across our operations. 

Looking ahead

Talent retention and acquisition are critical challenges that we are actively addressing. We recognise the importance of investing in our people and providing them with opportunities for growth and development. This not only benefits our staff but also translates into exceptional service for our clients. The disruption and opportunities presented by AI technologies are also at the forefront of our minds. We are actively exploring ways to leverage these technologies to enhance our services and provide even greater value to our clients. 

Looking ahead, we see a future filled with exciting possibilities. As we adapt to ongoing changes, we will leverage newly acquired knowledge and technological advancements to benefit our clients. Our culture of continuous improvement and innovation fuels our commitment to providing outstanding service. Our ongoing investments in technology, quality, and people position us to stay ahead of the curve and confidently embrace future opportunities. 

We express our sincere appreciation for the continued trust and support of our clients and pledge to work tirelessly to meet and exceed their expectations. With our staff's continuous dedication and hard work, we are confident in our ability to deliver exceptional value and quality service in the years to come.