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From traditional to tech-savvy – accounting firms plan increased technology investment over next two years according to Caseware study
Audit firms struggling to build teams with diverse skill sets that can deliver the audit of the future
TORONTO, Feb. 7, 2024 /PRNewswire/ — Investing in technology is a key priority for accounting firms as they move into 2024, while mitigating the ongoing talent shortage and keeping pace with new laws continue to cause challenges for many within the profession. This is according to findings from the 2024 State of Accounting Firms Trends Report released by Caseware International, a global leader in cloud-enabled audit, financial reporting and data analytics solutions.
Meanwhile, Caseware’s 2024 State of Internal Audit Trends Report highlights the need for technology expertise amid ongoing issues around attracting and retaining top talent.
Caseware explores worldwide perspectives within the accounting and audit professions annually. Both reports are based on extensive surveys of practitioners from around the world that were conducted in late 2023.
State of Accounting Firms Findings
Firms are clearly committed to investing in technology, with 77% of survey respondents stating their financial outlay will increase either significantly or slightly over the next two years. This represents an increase of 8% when compared to the 2023 survey findings. Innovative technologies are entering the accounting landscape quickly, with Generative AI being a notable example. Despite only becoming widely available in the year that our survey was conducted, more than 10% of respondents identified it as a top-three area of intended software investment for 2024. Engagement software (audit, review and compilation, tax etc.) was selected as a top-three area of investment for the coming year by 21% of respondents.
Hiring and retaining talent remains a key issue for accounting firms. Overall, 88% of respondents said hiring and retaining talent was challenging to some degree, with 47% describing it as somewhat challenging and 41% saying it was extremely challenging. However, firms are starting to take action, with 32% offering training programs to upskill existing employees, 27% offering newly-created roles and capabilities into their firms and 24% opting to employ a third-party talent sourcing service.
David Osborne, Chief Executive Officer of Caseware International remarked, “Technology is a magnet for those considering joining the profession. The firms that fail to match the expectations of the accounting and audit professionals of tomorrow will see their talented, dynamic employees drift to competitors who offer more tech-savvy, progressive environments.”
Dealing with new laws and regulations was identified as the most frequently cited challenge among survey respondents, with 16% confirming this as their top issue. This highlights the pressures on firms to keep up with today’s dynamic and fast-paced regulatory climate. As global economic and regulatory environments become more complex, clients are increasingly turning to their accountants for advice and guidance. As a result, the demand for client advisory services is on the rise – 76% of survey respondents indicated that their firm has seen either significant (23%) or modest (53%) growth in this area.
State of Internal Audit Findings
Finding and retaining skilled auditors is slightly easier than in the previous year but remains difficult. When asked how challenging it was to hire and retain the right talent for their firms, almost 90% of survey respondents stated that it was either extremely or somewhat challenging.
With technology expertise in particularly high demand for internal audit departments, it’s clear that audit firms are looking to build teams equipped to deliver the audit of the future. When exploring the skill sets departments sought, data science elicited 18% of responses, while IT audit and cybersecurity garnered 15% and 12%, respectively. Artificial intelligence secured 9% of responses, while fraud examination was the most sought non-technical skill (10%) with ESG polling 8%.
Many firms are looking to data analytics to support and enhance their auditing activities. When asked about the use of data analytics in their audits, 21% said they are now using analytics for all audits, while an additional 57% indicated they are selectively using data analytics for some.
Ian Kirton, an internal audit industry expert commented, “It’s not a surprise to see that the use of data analytics is increasing. It’s how auditors are meeting the challenge of doing more with less. Analytics helps them spot risk, re-evaluate controls and perform continuous auditing.”
A significant internal pressure for audit teams is the need to do more with less time and resources – 30% of respondents identified this as their top selection. Auditors face increased reporting requirements, such as ESG, DEI and culture, often without a corresponding budget increase, so teams need to be as efficient as possible when completing their audits.
2024 State of Accounting Firms Trends Report
- Although 73% of respondents indicated they are either currently implementing or are planning to implement DEI initiatives in their firm, an alarming 27% said they are not and have no plans to do so.
- Firms continue to modernize their practices, with 76% responding that they use either cloud-only tools or a mix of desktop and cloud to help manage their practice. This is an increase of 17% compared to the 2023 findings.
- 17% of respondents are using offshoring to mitigate the accounting profession’s talent shortage.
2024 State of Internal Audit Trends Report
- Just 10% of respondents said hiring and retaining the right talent for their firm is not challenging at all.
- According to 76% of respondents, over the past year, the number of employees in their internal audit department has either increased or stayed the same.
- In the past year, 45% have seen growth in ESG-related audit work.
Caseware is the leading global provider of desktop and cloud-enabled solutions for audit, assurance, financial reporting and data analytics for accounting firms, corporations, and government regulators. Caseware’s innovative tools and platforms help more than half a million customers in 130 countries work smarter, dig deeper and see further as they transform insights into impact. For more information, visit www.caseware.com.
Notes to editors
Caseware conducted the 2024 State of Accounting Firms Survey from the second week of September to the second week of November 2023. It was offered in five languages: English, Spanish, French, Dutch and German, and garnered 2,054 validated survey completions. Responses were received from 49 countries, with the largest participation rates coming from the United States, Canada, South Africa and the United Kingdom.
The most frequently chosen title among respondents was Partner/Managing Partner, at just over one-third (34.6%).
Caseware conducted the 2024 State of Internal Audit Survey from the second week of September to the second week of November 2023. It was distributed in five languages – English, French, German, Dutch and Spanish – with 1,068 respondents completing the survey.
The most common job title for survey participants was “Internal Auditor” at 21%, followed by “Internal Audit Manager” at 16% and “Head of Internal Audit” at 14%.
In the event of media enquiries, please contact: Elise Sallis, Head of Global Communications, [email protected], +44 (0)7515 538014; Jill Quinn, Director Corporate Communications, [email protected], 1-416-737-0703
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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