From a survey of more than 6,500 members and roundtable discussions, the report found professionals in the sector wanted more flexible working conditions and equitable remuneration in the face of increasing concerns about work/life balance.

Antonis Diolas, head of audit and assurance ACCA and author of the report, said there is an “absence of a commonly understood and unified purpose” within the audit profession which not only inhibits prospective candidates from entering but also hinders current professionals from recognising how their work generates value.

Amir Ghandar, reporting and assurance leader for CAANZ, said the research clearly shows the need for empathy and respect in the workplace to recognise the multifaceted lives of employees.

“People also need to be able to see themselves in their leaders, to visualise the opportunities and career possibilities in a way that feels real,” Ghandar said.

More than half of the survey respondents were Gen Y/Millennials aged 25 to 42, with 37 per cent current auditors, 33 per cent former auditors and the rest considering audit as a future career.

The report found that although audit firms are implementing initiatives to address concerns, the persistence of core issues signals the need for transformative change including a move towards sustainability reporting and assurance among both existing audit professionals and potential entrants to the profession.

It identified five key issues that need to be addressed if the sector is to rebound with the most important being a work/life balance and more supportive workplace cultures that recognise personal needs and wellbeing.

Another key issue raised was fair remuneration, especially concerning the intensive workloads during the peak audit season.

The report also highlighted that the traditional career ladder in the sector is unappealing to young audit professionals and said firms need to look to develop a “career lattice” and offer a greater variety of roles and work to accommodate auditors’ preferences and outside interests.

Regarding sustainability assurance and reporting, the report stated this work is seen as purpose-driven and offers a clear hope for the audit profession with 48 per cent of non-auditors saying such work could tempt them to join the profession and 40 per cent of auditors indicating that such a career could tempt them to stay.

Finally, the report said that embracing technology is imperative if the sector is to remain relevant and although the big four and mid-tier firms can fulfil that wish, small firms are lagging. It added that new entrants to the profession need to experience advanced technologies from the outset.

“The opportunity for exposure and training in cutting-edge technologies is a major drawcard for early career professionals, and it is this cohort with a fresh perspective and true digital nativity where many bright ideas for the future of auditing may spring,” Ghandar said.

Diolas added that audits serve as the backbone of financial reliability, ensuring accuracy and transparency while building trust and accountability.

“With robust audit practices, businesses not only thrive but also attract investment, bolstering the stability of capital markets and contributing to a prosperous economic future for all.”