Fintech PR
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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TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.
Pioneering Sustainability with Dual Recognition
“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”
Driving Sustainability through AI Innovation
VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.
Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.
In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.
Security Sustainability as a Foundation for Social Impact
VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.
Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.
To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.
View original content:https://www.prnewswire.co.uk/news-releases/vivotek-wins-double-honors-for-its-commitment-to-sustainability-302339223.html
Fintech PR
2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters” Successfully Concluded
GUIYANG, China, Dec. 26, 2024 /PRNewswire/ — To fully implement the spirit of “carrying forward China’s cultural heritage” and “promoting the creative transformation and innovative development of fine traditional Chinese culture”, the 2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters”, organized by the Publicity Department of the CPC Guiyang Municipal Committee and hosted by www.huanqiu.com, has successfully concluded on Dec.16. The contest drew thousands of teenagers from both China and abroad, who used cultural empowerment and innovative designs of Chinese characters to narrate and promote Guiyang.
At the “Colorful Guizhou • Literary Plateau” Farming and Reading Event, 59 outstanding works from 26 countries, along with 21 representative pieces from various countries and regions, were showcased. According to the organizing committee of the Global Youth Design Contest on Chinese Characters, “This exhibition serves as both a lasting commemoration of the event and a report to all those who care about the inheritance and promotion of Guiyang and Chinese culture.”
In their submissions, the teenagers selected Chinese characters or phrases they believed best represented Guiyang and reimagined them through innovative designs. Outstanding designs incorporated Guiyang’s iconic architecture and cultural landmarks into Chinese characters to present the city’s urban landscape and historical culture. Some works spotlighted Guiyang’s distinctive cuisine, offering a glimpse into the vibrant and diverse local culinary culture. Some other designs drew inspiration from martial arts villages in Guizhou and featured dragon motifs to symbolize the depth and vitality of Guizhou culture.
Saison from Tajikistan was among the participants in this year’s Global Youth Design Contest on Chinese Characters. Speaking about his design of the Chinese characters, he shared that his design sought to merge the beauty of Chinese characters with the charm of Guiyang. “Guiyang is a captivating place, known for its beautiful scenery, delicious food, and diverse ethnic minorities. I tried to incorporate the beauty of Guiyang into my Chinese character design, hoping to convey the city’s charm and the wonders of Chinese characters through my work.”
The contest officially opened for submissions on September 30. In an effort to boost public engagement and participation, a “cheerleading campaign” was organized for shortlisted works from November 22 to 29. Following expert reviews, 80 outstanding works were ultimately selected for public exhibition.
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View original content:https://www.prnewswire.co.uk/news-releases/2024-global-youth-design-contest-on-chinese-characters-themed-guiyang-in-characters-successfully-concluded-302339323.html
Fintech PR
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.
With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.
Key Findings:
BTC Options Expirations:
In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.
ETH Options: Calls Dominate
Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)
#Bybit / #BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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View original content:https://www.prnewswire.co.uk/news-releases/markets-show-resilience-ahead-of-end-of-year-options-expirations-bybit-x-block-scholes-crypto-derivatives-report-302339299.html
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