Audit profession needs to address talent challenges, ACCA and CA ANZ say

The audit profession faces persistent challenges in its battle to attract and retain talent, a new report by ACCA and Chartered Accountants Australia and New Zealand (CA ANZ) revealed.

The survey, conducted on more than 6,500 finance professionals across the globe, highlighted a sector whose workforce is demanding flexible working and equitable remuneration amid increasing concerns about individuals’ work-life balance. 

More than half of the survey respondents were aged 25-42, with 37% current auditors, 33% former auditors, and the rest considering audit as a future career.

Five were the themes to emerge from the report to solve the current crisis. 

Firstly, work-life balance is a “key issue” – unsupportive workplace cultures need to be addressed with more emphasis on those which recognise personal needs and wellbeing, the research argued.

In addition, intensive workloads during the peak audit season must be remunerated. 

Other themes included the urge for firms to develop a “career lattice” to offer greater variety of roles to young audit professionals, as well as more emphasis should be given to sustainability assurance and reporting, with 48% of non-auditor respondents saying such work could tempt them to join the profession. 

Lastly, embracing technology to remain relevant is also important, particularly for smaller firms which seem to be lagging technologically behind the Big Four and other mid-tier firms. 

While the research also showed that audit firms are implementing initiatives to address concerns, the persistence of these core issues signals the need for transformative change, ACCA and CA ANZ stated. 

Antonis Diolas, head of audit and assurance, ACCA, and author of the report, said: “A compelling insight from our study highlights the absence of a commonly understood and unified purpose within the audit profession. This not only inhibits prospective candidates from entering the profession in the first place, but also hinders current professionals from recognising how their work generates value.

“Audits serve as the backbone of financial reliability, ensuring accuracy and transparency while building trust and accountability. With robust audit practices, businesses not only thrive but also attract investment, bolstering the stability of capital markets and contributing to a prosperous economic future for all.”

Amir Ghandar, reporting and assurance leader, CA ANZA, added: “The research clearly shows the need for empathy and respect in the workplace recognising employees’ multifaceted lives. People also need to be able to see themselves in their leaders, to visualise the opportunities and career possibilities in a way that feels real.”