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Incorporating NQ magazine
May 2024
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AUDIT AT THE CROSSROADS No one it appears, neither current audit professionals nor prospective entrants, sees audit being a proper career choice unless they can achieve a work-life balance, are paid proper money and work in a supportive environment. Audit professionals also want to see transparent career pathways and inclusive work environments. Hardly surprising then that many young audit professionals plan to leave their current employer either within the next 12 months or within a few years. A new extensive study by ACCA and the Chartered Accountants Australia and New Zealand found audit at a pivotal junction, with professionals expressing concerns about both a lack of career satisfaction and the prevailing practices currently found in audit firms. It is achieving a work-life balance that mattered most. Survey respondents suggested that there
was also an urgent need to address at times unsupportive cultures within firms, which can impair wellbeing and work-life balance. The study said firms may be taking steps to address these problems, but their initiatives may lack ‘visibility’. Remuneration ranked as the
second-most important factor in the study, reducing the attraction and retention of talent in the audit profession in most regions. Auditors felt that the intensive workload during busy seasons was not adequately compensated for. This was in turn demotivating, and if it remains unchecked could further
impact the attraction and retention of talent in the future. And, as the authors of the report said, pay will always be considered inadequate if the impact of a poor work-life balance is not addressed. There is also a perception of a lack of variety of work for auditors. The rise in regulatory requirements and standards has heightened the demands of the job, often causing audits to feel more like a compliance exercise rather than a value-adding service. However, the authors of the study said the interest in sustainability reporting and assurance presents opportunities to attract, develop and retain staff. Technology can also play a part in attracting people to the profession. Survey findings reveal a strong interest in advanced technologies among individuals considering entry into the audit profession. Read the full report at https://tinyurl.com/57fsscm2
TOO ANXIOUS TO TAKE YOUR ANNUAL LEAVE? Women working in the accountancy sector may not be getting enough time off work to recharge and relax, with new research from caba showing that over a third of female accountants (41%) say they’ve avoided taking annual leave on more than one occasion because they were anxious about handing over their to-do list. The study of over 200 female chartered accountants in the UK found that almost nine in 10 (88%) women regularly sacrifice their own work-life balance to accommodate the needs of others. A similar percentage (85%) said they struggle to set boundaries with colleagues and their manager regarding their time, workload or personal priorities. When asked why this is, two
in five (40%) said that keeping people happy is more important. Over one in three (36%) said they worry they’re not deserving of their place at the company if they don’t push themselves. Meanwhile, almost two in three (62%) respondents said they regularly experience
feelings of self-doubt regarding their abilities within their role. As a result, one in eight (80%) said they find themselves seeking validation from others for their work or decisions. Two in five (40%) said they’re uncomfortable telling their manager about areas they feel less confident in, while four in five (80%) said they often feel like they need to work harder than their peers to prove their worth. When respondents were asked about which strategies and resources they think would be helpful in combatting feelings of work-related self-doubt, the most common responses were flexible working arrangements (34%), regular feedback and recognition from their manager Continued on page 5
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