The audit profession is facing a critical juncture in its quest for talent, according to a recent report by ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand (CA ANZ). The report, titled “Attract, Engage, Retain: Insights and Recommendations for Audit Talent Success,” highlights the need for concerted efforts to address longstanding talent challenges and reshape dynamics to achieve sustained growth and impact.
The report is based on insights from over 6,500 finance professionals worldwide and reveals persistent challenges in attracting and retaining talent in the auditing profession. These challenges have led to declining numbers entering the audit profession, raising concerns about its future sustainability.
One of the key findings of the report is the absence of a commonly understood and unified purpose within the audit profession. This lack of clarity not only deters prospective candidates from joining the profession but also hinders current professionals from recognizing the value of their work.
According to Antonis Diolas, head of Audit and Assurance at ACCA, there is a need for empathy and respect in the workplace to address employees’ multifaceted lives. The research also emphasizes the importance of leaders who can inspire and provide a clear vision of career possibilities.
The survey revealed that more than half of the respondents were Gen Y/Millennials aged 25-42, with 37% being current auditors, 33% former auditors, and the rest considering audit as a future career. This demographic shift highlights the need for audit firms to adapt their strategies to attract and retain young talent.
The report identifies five key themes to address the current talent crisis in the audit profession:
- Work-life balance: Addressing unsupportive workplace cultures and creating supportive environments that recognize personal needs and well-being.
- Fair remuneration: Ensuring that intensive workloads during peak audit seasons are adequately remunerated.
- Career ladder and variety of work: Developing a ‘career lattice’ that offers a greater variety of roles and accommodates auditors’ preferences and outside interests.
- Sustainability assurance and reporting: Capitalizing on the enthusiasm for sustainability reporting and assurance among both existing audit professionals and potential entrants to the profession.
- Embracing technology: Bridging the technology gap to remain relevant, especially among small audit firms.
The report recommends that new entrants experience advanced technologies from the outset, as exposure and training in cutting-edge technologies are major drawcards for early career professionals. Embracing technology not only attracts talent but also drives innovation and efficiency in audit practices.
In conclusion, the report emphasizes the importance of communicating the value of audit practices in building trust, ensuring accuracy, and contributing to economic stability. By addressing the challenges and embracing opportunities, the audit profession can attract and retain talent, ensuring its continued relevance and impact in the future.
