With the demand for auditing services continuing to rise, many firms across the UK are facing a staff deficit – particularly when trying to find qualified professionals to fill key roles.

The post-pandemic skills and talent shortage, backed by an uncertain economic outlook, have exacerbated the issue, as highlighted by the annual audit quality inspection (AQI) reports, published by the Financial Reporting Council (FRC), last week.

Staffing and retention issues were cited as one of the key areas for improvement across Tier 1 firms, with the majority being scrutinised for their ‘lack of audit professionals’ and mounting recruitment challenges.

According to the audit watchdog, the profession was riddled with ‘resourcing difficulties, resulting in a limited and competitive market’.

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