Audit profession stands at a crossroad in fight for talent: New survey data reveals a call for change
A survey conducted by accountancy bodies ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand (CA ANZ), supported by a series of global roundtables, revealed persistent challenges facing the auditing profession in its battle to attract and retain talent.
Insights from more than 6,500 finance professionals across the globe revealed a sector whose workforce is demanding flexible working and equitable remuneration in the face of increasing concerns about individuals’ work life balance.
“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,” says Antonis Diolas, Head of Audit and Assurance, ACCA.
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.
Amir Ghandar, Reporting and Assurance leader, CA ANZ said: “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.”
Five themes emerged from the research to solve the current crisis:
While audit firms are implementing initiatives to address concerns, the persistence of the core issues signals the need for transformative change. For instance, the survey revealed enthusiasm for sustainability reporting and assurance among both existing audit professionals and potential entrants to the profession. This presents a unique talent attraction opportunity for audit firms to capitalise.
“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,” Diolas adds.