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"post_content": "Anyone read the FT article on changing Audit hiring practices? \"Given the rate at which technology is speeding up audit, [new grad hires] could drop by 50% in 2020.” What are your opinions on this?",
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Deloitte is doing the same as PwC1 mentioned. Investing heavily in innovation to streamline and create efficiencies. Some of the tools we've rolled out are pretty incredible. Lot of good client feedback. They are innovating so they expect us to do the same.
Not surprising. This is my third career path and two of my previous jobs were eliminated due to tech improvements and shifting consumer demands. It is part of the human condition to constantly be challenged by the threat of obsolescence.
I would say the article is spot on. You may not see it as much at the mid tier, but the Big 4 are heavily investing in technology in order to streamline and automate the audit process. For example, PwC is already creating applications that utilize machine learning in order for the application to "teach" itself to recognize certain items based on user input. Technology will end up being what ultimately forces the mid tier to merge together, as they don't have the resources available as stand alone firms to advance their technology at the same rate as the larger firms.
Requires paid subscription, which I have 😜. Another good quote: "They will audit large companies with a team that can fit into a conference room, rather than occupying an entire office tower.”
Glad i got hired although that 2020 is probably off by like 5-10 years
Couldnt agree more. Seeing as B4 assurance revenue alone is on avg 3-5 times of a a top second tier firm
It's also a selling point. The large company's want an efficient audit and also want to be at the cutting edge of technology. Assuming that the technology, once implemented, results in a better audit that is more attune to the specific risks and results in less findings upon inspection, it's going to be a hard sell for executives to their Audit Committees on why they want to use a firm without state of the art technology in order to save a few dollars.
We have the technology initiatives. However, I think the quality of the clients basically means our jobs will be secure for a long time to come.
I think the target date may be off a little but Big4 is dumping tons of money into innovation right now.
As much as these new technologies may help the audit, it's all dependent on the clients as well. I've had clients who are using systems that are absolutely archaic and can't interface with our new tech at all.
There's a synopsis of that article on going concern too
I assume that the other Big 4 have similar technology initiatives. Not sure 100% on the specifics, but I've heard that Deloitte is also heavily invested in building out their tech, while EY and KPMG are a step behind, but still committing a heavy focus. Can anyone from these firms confirm?
Although I would say we are still a ways off before we get there. At least 5-10 years out.