Excessive overtime deters would-be auditors

The latest audit quality inspection report by the Financial Reporting Council (FRC) suggests that the amount of overtime worked by auditors is a significant barrier to entry to the profession, while a lack of a reasonable work/life balance remains the principal reason why people leave the industry. The FRC found that there were “significant” variations in the definition of excessive overtime between firms, from a few additional hours to almost double the normal working week. The report suggests that many auditors feel “under unreasonable pressure and do not have sufficient time to undertake quality audits.”