Navigating the Staffing Crunch: How Audit Firms Can Find Quick Wins with New Technologies
Audit firms are facing a staffing crunch, with more than half of firms citing attracting and hiring skilled professionals as a top challenge. However, new technologies driven by artificial intelligence (AI) may hold the key to closing this people gap. While large-scale tech rollouts may be out of reach for some firms, there are quick wins to be found in automation and other new technologies.
According to the 2024 Audit Survey Report from the Thomson Reuters Institute, attracting and retaining skilled professionals is a top priority for audit firms, with 58% of respondents calling it a top challenge. The report also found that many firms are in the early stages of exploring next-generation technologies, but are hindered by a lack of qualified personnel to implement and execute these technologies.
Despite these challenges, audit firms are looking to adopt new technologies to improve efficiency, streamline processes, and enhance quality. By using AI and other advanced technologies, firms hope to do work faster while maintaining or improving quality. Some firms are focusing on back-end data management, while others are using predictive analytics and modeling to be more forward-thinking.
The key question remains: who will implement these technologies? Finding skilled professionals is a top challenge for audit firms, with many firms seeking employees with critical thinking, problem-solving, and technical audit skills. To address the staffing crunch, firms can take a use case-centric approach to technology adoption, focusing on automating time-consuming and repetitive tasks to free up personnel for more client-centric work.
Additionally, technology can be used to foster better communication and teamwork within audit firms. By implementing dynamic technologies that facilitate collaboration and communication, firms can maximize the efficiency and effectiveness of their audit professionals. While the staffing challenge is unlikely to improve in the coming years, new technologies offer a way for audit firms to do more with less and supercharge their audit professionals.