2024 Audit Outlook: Trends, Talent Shortages, and Industry Shifts
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The audit profession is on the brink of an exciting transformation, reshaping both its scope and the way we work, thanks to groundbreaking technologies. So, what’s on the horizon for you??
MARKET PREDICTIONS
The global auditing services market is expanding steadily, presenting a wealth of opportunities for accounting and audit firms like yours.?
Source: Research and Markets?
This growth is fueled by several key trends: advanced data analytics and AI integration, a rising focus on cybersecurity audits, the increasing importance of ESG auditing, the convenience of remote auditing solutions, and closer collaboration with internal teams.?
CURRENT SCENARIO??
340,000 accountants have left the profession in the U.S. | 90% of accounting firms in the UK struggle with staff shortages??
The U.S. Bureau of Labor Statistics (BLS) projects a 4% increase in accountant and auditor job openings until 2032. That’s approximately 126,000 accounting roles that need to be filled yearly.?Talent is the top challenge for audit firms.
WHAT'S SHAPING THE FUTURE OF AUDITS?
2024 is witnessing transformative shifts in auditing, primarily driven by technology and evolving regulations. Artificial intelligence is revolutionizing data scrutiny, while remote auditing stands out for its cost-efficiency and convenience. Moreover, the emphasis on sustainability and continuous auditing processes marks a strategic pivot towards more dynamic, impactful audit functions that cater to modern business needs.
SPOTLIGHT INSIGHT OF THE MONTH?
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