Talent acquisition and retention crisis in auditing: factors and recommendations

The auditing profession is facing a severe talent acquisition and retention crisis due to increasing regulatory demands, evolving financial complexities, and declining interest among young professionals. As the demand for skilled auditors rises, fewer individuals are entering the field, creating a competence gap that threatens audit quality and financial accountability. High workloads, excessive stress, work-life balance issues, remuneration discrepancies, and limited career growth opportunities contribute to high attrition rates, making it difficult for firms to retain experienced auditors. Additionally, the shift to remote work following the COVID 19 pandemic disrupted traditional training and mentorship programs, further exacerbating the talent shortage. To address these challenges, audit firms must implement targeted strategies, including enhancing employee engagement, promoting work-life balance, offering competitive compensation, and investing in professional development. Flexible work arrangements, structured career progression, and a strong culture of recognition can improve job satisfaction and reduce turnover. Firms that prioritize employee well-being and create supportive work environments will be better positioned to attract, develop, and retain top talent. By proactively addressing these issues, the auditing profession can sustain its long-term viability, maintain high-quality financial reporting standards, and continue to uphold public trust in corporate governance and accountability.