Researchers noted that a significant correlation exists between audit quality and the tenure of auditors at their firms. Firms with higher rates of veteran staff reported fewer deficiencies.
Many respondents voiced concern that the accountant shortage is not just a challenge for their firms but a broader issue that must be addressed at an industry-wide level.
The shift to remote work has undermined the traditional apprenticeship culture, diminishing opportunities for in-person interactions that are vital for developing crucial auditing skills.
Younger employees view auditing as just a job rather than a career path, leading to higher turnover rates, which is a risk factor for maintaining quality in audits.
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