Audit: Four Main Trends

Aug 11, 2016 | Market Insights, Trend Based

#1 Audit Vacancies Decrease, Big 4 Share Grows 

Audit vacancy volumes have a downward sloping trend. In July 2016, there were 25% less Audit vacancies published than this time previous year. The Big 4 remain top employers for Auditors, so far this year publishing 40% of England and Wales-based vacancies, comparing to 37% last year, as Vacancysoft data reveals.

#2 Decreased Top Level Hiring

The proportion of top level management vacancies to all openings is shrinking. In the past 12 months, Directors and Department heads constituted 2.2% of all Audit positions, while this proportion was 3.2% in the previous 12 months. Whether it’s due to the current volatility of the UK market or it’s a global trend remains to be seen.

#3 Brexit-Related Uncertainty

The referendum’s short-term outcomes are economic uncertainty and a more volatile market. That strongly influences financial reporting and audit. A KPMG report predicts that audit plans may need to be revised with a few questions to consider:

“Whether the audit function should be deploying more specialist expertise in light of the impact that pensions, financial instruments and other valuations are taking? How have political and economic changes been factored into the audit plan and are contingency plans still valid?”

#4: The UK And The EU Audit Reform

This summer, the EU implemented a Reform of the audit market. According to Gilly Lord, PWC Head of Regulatory Affairs, despite the UK Leave vote, it will continue following the EU regime.

She mentioned in her article Brexit and EU audit reform”: “In the long-term, it’s possible that the UK regulatory framework could change, but I think it’s more likely that the UK will continue to apply much of the EU regime in order to maintain market access”.

Vacancysoft is the Data Publisher for the Recruitment Industry. We provide recruiters with daily lead lists that help to monitor their clients’ hiring and to identify companies struggling to hire.

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The data used in this article comes from and is owned by Vacancysoft LLP.

 

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