The concentration of June year-ends has led to resourcing challenges in the audit profession for a long time. Professional services firms in Australia have traditionally relied on overseas recruitment and secondments from overseas member network firms to fill the shortage of skilled auditors. Since March 2020 recruitment and secondments from overseas have ceased due to the COVID-19 related border settings.

In April 2021 we surveyed 16 of the largest Australian professional services firms that provide audit services regarding border closure related recruitment challenges. This demonstrates there is a substantial shortage of external auditors in Australia. We shared the results of this research with the Joint Standing Committee on Migration for its Inquiry into Australia’s skilled migration program.

We strongly recommended urgent priority is placed on facilitating the supply of external auditors in Australia, including the addition of the ANZSCO occupation of External Auditor (ANZSCO code 221213) to the Priority Migration Skilled Occupation List (PMSOL).