Ask the partner in charge of any audit department of any firm in the country to identify the firm’s greatest asset and the answer should invariably be “our people” rather than “our clients.” While their value will never be quantified on any balance sheet, your employees are assets whose value is enhanced when you invest in them. And as their value increases, so does the performance of your firm.
Although they recognize the value that audit talent brings, firms across the country still struggle to attract and retain their star performers. Globalization, increased regulatory burdens, changes in accounting standards, and changing demographics all play a role in the audit talent shortage. Many of those issues are outside of firm leaders’ control, but firms can take some deliberate steps to bolster employee engagement.