Embracing technology has been proven an imperative among firms to remain relevant in talent attraction and acquisition.
This is among the findings of a joint survey by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand.
The ACCA-CA ANZ study reveals a significant trend: with 92% of individuals contemplating entry into the audit profession prioritise prospective employers' investment in and use of advanced technologies.
Equally noteworthy, 87% of current and past audit professionals share this sentiment, reflecting a collective recognition of technology's pivotal role in the profession's evolution.
While such inclinations may align with the ‘tech-savvy’ tendencies of Generation Z, the data unveils nuanced disparities in technology adoption across firms of varying sizes.
Perhaps unsurprisingly, Big Four firms lead the charge in embracing technological advancements, followed by mid-tier firms, while smaller firms lag behind, with markedly lower rates of technology integration.
"The audit profession no longer just competes with the legal profession, medical profession, or other “traditional” occupations anymore," says Antonis Diolas, Head of Audit and Assurance, ACCA. "It also competes with the likes of YouTube, TikTok and other content development platforms."
Recommendations
With these at hand, the ACCA and the CA ANZ recommends the following:
Mid-tier and smaller firms need to enhance their technological capabilities: the significance of this endeavour cannot be overstated, given the pronounced importance placed on it by both aspiring entrants and current professionals within the audit profession.
Firms are urged to explore collaboration with third-party technology providers rather than developing in-house solutions, particularly when resources are limited.
Bridging the technology gap should be a strategic imperative for firms: this is essential for firms, if they are to remain competitive and in a position to attract and retain top talent.
Allow new entrants to experience advanced technologies at the entry level: while this is inevitable, given the rapidity of technological developments, providing new entrants with the necessary training at the outset of their career can go a long way in satisfying their needs for tech expertise.
