CPA Australia has called for prompt measures to tackle the country’s auditing workforce, cautioning that future capacity across the profession can no longer be assumed as requirements for assurance services continue to expand.
The professional accounting body published the advisory to coincide with Auditor Proud Day.
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It said that a smaller pool of Registered Company Auditors (RCAs) is serving a large, complex market vital to investor confidence and the economy.
CPA Australia audit and assurance lead Tiffany Tan stated that Auditor Proud Day provided an opportunity to acknowledge the economic value delivered by auditors whilst addressing the structural difficulties confronting the sector.
Tan said: “Auditors play a vital role in maintaining trust in financial reporting, supporting investment and helping Australia’s markets operate with confidence.
“Today is about recognising that contribution, but it is also a reminder that Australia’s audit workforce pipeline needs attention.
“We need to attract more people into audit, create clearer pathways for progression and ensure experienced professionals remain in the profession.”
Tan observed that broadening assurance mandates, particularly emerging obligations around climate-related disclosures, will place extra pressure on personnel who are already operating under capacity constraints.
Consequently, CPA Australia has called on the Treasury to position labour supply, recruitment pipelines and staff retention at the centre of any forthcoming audit reform initiatives.
The body outlined a talent strategy targeted at attracting, training, advancing and retaining audit professionals.
The framework incorporates clearer routes to achieving RCA status, tailored skilled migration programmes and enhanced data collection regarding actual audit capacity.
Tan commented that regulatory updates must work to bolster market trust in the audit process without diminishing the sector’s ability to support commercial enterprises and the investment community.
In a recent submission to the Treasury’s review of accounting, auditing and consulting practices, CPA Australia called for the direct regulation of audit practices.
It also recommended stronger surveillance and enforcement powers for ASIC, greater transparency and proportionate accountability measures.
