The Australian audit profession faces some significant supply and demand challenges according to new research by the Dr Max Bessell, Dr Lisa Powell and Professor Grant Richardson in Adelaide Business School, commissioned by Chartered Accountants ANZ. Demand is being impacted by the variety of inconsistent and unclear pieces of legislation which require, but may not actually need, a registered company auditor to perform the necessary assurance services. The supply side is being impacted by some significant negative perceptions about a career in audit that are discouraging its choice by accounting students and graduates. While audit was recognised as an influential profession offering overseas travel, a low salary, the nature of the work and a perceived lack of flexibility were their key concerns in making their final career decisions.
The report was recently published by Chartered Accountants Australia and New Zealand and the full report can be found here.