A joint report by ACCA and CA ANZ reveals that a significant portion of respondents, particularly millennials, are leaving or reconsidering the profession due to work-life balance concerns, uncompetitive remuneration, and a lack of variety in work.
The report emphasizes the need for a culture shift within audit firms. This includes offering flexible work arrangements, improved work-life balance, and fairer compensation, especially during peak seasons. Additionally, the report suggests replacing the traditional career ladder with a “career lattice” that provides more diverse experiences and caters to individual interests.
Interestingly, the report finds that sustainability reporting and assurance is seen as a promising area for the profession. Nearly half of both current and potential auditors expressed interest in pursuing careers in this field due to its purpose-driven nature.
Technology adoption is another crucial factor. The report highlights the need for firms, especially smaller ones, to bridge the technology gap and leverage advanced tools to attract young talent who are eager to work with cutting-edge technologies.
The report concludes by emphasizing the importance of communicating the vital role that audits play in financial markets and economic stability. By showcasing the positive impact of the profession and addressing talent concerns, the audit sector can attract and retain a strong workforce for the future.
