Accounting Industry Outlook 2023

Tech and Talent to reshape accounting firms in 2023

Zoya Malik, Editor in Chief, International Accounting Bulletin, GlobalData reached out to accounting industry leaders to discuss what 2023 holds for Networks and Associations and to shed light on their technology and recruitment strategies to support growth across practice lines.

For the accounting sector globally, growth in consulting and reporting in 2023 is likely to be shaped by a number of ongoing trends and challenges, including the continued threat from COVID-19, geopolitical tensions between major powers, economic inequality and political polarisation, and sustainability and environmental issues such as climate change.  

As ever, the accounting industry will look to innovation in processes, people, technology and regulation to help navigate these threats. Innovation, notwithstanding, the pillars of the industry remain unchanged; audit, advisory and tax services will look to effective recruitment and collaborative technology implementation to balance risk with growth.

Pandemic Ramifications

The COVID-19 pandemic has had a profound impact on global political and economic events since it first emerged in late 2019. Three years on, while the rollout of vaccines has provided some hope for an eventual end to the pandemic, the emergence of new variants and uneven distribution of vaccines across the world continues to pose uncertainties for growth and expansion. The commercial fallout from the pandemic has included continued supply chain disruption in 2022 stemming from logistics difficulties, production delays, non-availability of experienced labour, high commodity prices and an overreliance on a limited and settled number of third-party suppliers who, in turn, were affected by the same issues. 

According to a December 2022 Logistics Management survey, after a multi-year stint of dealing with the impact of supply chain shortages, transportation capacity constraints, rising costs and a persistent labour shortage, logistics managers are now facing a host of new roadblocks in 2023 with warehouse bottlenecks, vehicle backups at inland hubs and dock worker contract negotiations. In assessing the performance of their global supply chains, nearly 96% of survey respondents said their supplier networks are either “usually, always or sometimes” a problem, posing risk to management projections. Additionally, society continues to demand environmentally-friendly supply chains and to build on the momentum from COP26 and COP27 in an effort to achieve carbon net-zero targets by 2050. The real-world cost implications of this, in the current economic climate, are significant.


Geopolitical tensions between major powers such as the United States, China and Russia continue to shape global political and economic events and these confrontations are typically driven by two major factors; economic competition and military rivalry. The most significant and immediate manifestation of this is the conflict in Ukraine, which many view as a proxy war between Russia and NATO. In any case, the economic fallout from this, such as the rising cost of fuel and energy, commodity prices and economic sanctions leading to a reappraisal of business ties with Russia have impacted business growth and household incomes, causing significant economic instability across global markets. However, a point should be made that there are ongoing negotiations for the supply of Russian fertiliser to the agricultural sector in LATAM, suggesting that there are avenues through which trade with Russia can still be considered as ‘open for business’.   

According to the OECD’s Economic Outlook report from late November 2022, the global economy is expected to slow further in the coming year as the massive and historic energy shock triggered by Russia’s war against Ukraine continues to spur inflationary pressures, sapping confidence and household purchasing power and increasing risks worldwide. The global economy is projected to grow well below the outcomes expected before the war, at a modest 3.1% in 2022, before slowing to 2.2% in 2023 and recovering moderately to a still sub-par 2.7% pace in 2024. The growth in 2023 is strongly dependent on the major Asian emerging market economies, which will account for close to three-quarters of global GDP growth next year, with the United States and Europe decelerating sharply. Persistent inflation, high energy prices, weak real household income growth, falling confidence and tighter fiscal spending are all expected to curtail growth. Higher interest rates, while necessary to moderate inflation, will increase financial challenges for both households and corporate borrowers.

top row from left:

Steve Heathcote, CEO PrimeGlobal

Stephen Hamlet, CEO, Russell Bedford International

bottom row from left:

Nigel Bostock, CEO, Crowe LLP (UK)

Pat Kramer, Global CEO at BDO Global

David Chitty, International Accounting Director Crowe

Climate Change

‘Sustainability’ as a business growth strategy sits at the heart of all discourse stemming from the challenges of climate change and biodiversity loss. The disruption is not only to the global environment with rising sea levels and extreme weather events but manifesting itself through social impact on the community, causing significant economic and social problems. Efforts to address climate change and other environmental issues require significant global regulatory cooperation and investment, as well as changes to existing economic and political systems. However, political polarisation and economic inequality could make it difficult to achieve consensus and take effective action on these issues. Sustainability standards and their application across jurisdictions are additional challenges for the accounting industry to grapple with.  

At COP 27, the establishment of the Loss and Damage Fund whereby, put simply, polluting nations compensate vulnerable countries for damage caused by climate change-related disasters was a historic step forward but serious concern was expressed that the goal of developed country parties to jointly mobilise US$ 100 billion per year by 2020 had not yet been met. Developed countries have been urged to meet the goal, and multilateral development banks and international financial institutions called on to mobilise climate finance. The cover decision, known as the Sharm el-Sheikh Implementation Plan, highlights that a global transformation to a low-carbon economy is expected to require investments of at least US$ 4-6 trillion a year. Delivering this staggering amount of funding will require a swift and comprehensive transformation of the financial system and its structures and processes, engaging governments, central banks, commercial banks, institutional investors and  accounting’s financial actors.


While the road ahead may be challenging, there is scope to build a more just and sustainable global society. These challenges are creating opportunities for the accounting industry which has proven to be a robust and reactive sector, with firms across the globe undergoing a significant shift towards broadening advisory roles to meet client demand and inter/intra firm collaboration.  

Trends in digitisation of business processes, tools and products are catalysing to fast meet change in the industry with technology-driven solutions such as cloud computing and automation of certain tasks. This is accompanied by an increased focus on data analytics and the use of data visualisation tools to help companies make better-informed decisions. This has necessitated a rising demand for professionals to specialise within areas such as AI and cryptocurrencies and research into the use and application of blockchain for audits. 

CBDC (Central Bank Digital Currency) may be the biggest disruptor in 2023 and beyond. CBDC is a digital version of a country’s fiat currency which is issued and backed by the central bank. The Bank of England would like to introduce the “digital pound”, although the market is already calling it “Britcoin.” From a macroeconomic point of view, the greatest benefits of CBDC are improved efficiency, financial inclusion, cost savings and the possibility of supporting monetary policy by providing a new tool for central bank operations. 

For the accounting industry, CBDC has the potential to have a significant impact by increasing the speed and efficiency of financial transactions. This could reduce the need for manual reconciliation of accounts and decrease the potential for errors. Additionally, the use of CBDC could also increase the transparency of financial transactions, which would make it easier for accountants to track and report on financial activity. Of course, this also means new regulatory requirements. For example, central banks may require accountants to monitor and report on the use of CBDC in order to detect and prevent money laundering and other financial crimes. The ultimate impact will depend on actual implementation and the government regulations around it. 

What is the industry prioritising in 2023 regarding the growth of audit, advisory and tax service lines in the light of these macro challenges?   

Heads of practice comment on initiatives at play for technology and recruitment to deliver on service line expansion and compliance targets.


The focus on audit quality, including the implementation of ISQM 1 and the EU Corporate Social Reporting Directive (CSRD), present an opportunity for a positive message to stakeholders about the importance of assured information. As David Chitty, International Accounting and Audit Director at Crowe Global, states “implementation of ISQM 1 has been an opportunity to risk assess the practice and ensure that policies and procedures align with and respond to the risk assessment. For us this includes continued digitalisation and automation of quality practices. This should make the quality practices more effective and reliable, as well as being more efficient.” Similarly, Pat Kramer, Global CEO of BDO Global, feels that, “with the introduction of a new Independence Reporting Portal and the implementation of an ISQM1 platform, we have tools that are not only beneficial in terms of compliance monitoring, they also empower key individuals within our firms to better identify and manage all risk and quality related issues. By doing so, we can safeguard the trust of the capital markets, regulators and investors, and our clients.” 

Any specialist discipline requires trained and qualified personnel to deliver results, regardless of which economic sector one is operating within. CEO of PrimeGlobal, Steve Heathcote, addresses this saying, “Thirty five percent of our firms’ service lines are focused on audit and to develop audit practices, firms need to ensure that their staff have a clear career path. There needs to be regular conversations about progression. In a hybrid environment, firms need to plan opportunities to coach and mentor staff. We are the first association to sign a partnership agreement with the technology group LumiQ which offers podcasts as verified CPE. Firms are able to purchase the podcasts on a pay as you go basis and we believe that the next generation are looking for this type of training.” Heathcote expounds that “moving to cloud-based AI audit software is also vital to complete more efficient audits.  Our firms who have done this are able to generate efficiencies and focus the team on the highest risks and business insights.  This makes the audit more impactful to the client and is engaging for the team. It also improves the firms brand, making it more likely new talent will join. Investing in technology expertise is also vital to address increasing risk from cyber security.”  

Kramer adds, “as the business environment grows in complexity and expectations on auditor performance increases, we believe that the best audits are performed by professionals having a broad range of audit experience supported by professionals with deep speciality knowledge in the most sensitive facets of a company’s operations.” This tale of adopting new technology and techniques to support the delivery of learning and development activities is prevalent, in one form or another, across the industry. Delivery methods can include online learning, webinars, apprenticeship programmes, technical courses, skills workshops and management and leadership development programmes. 

For Nigel Bostock, CEO Crowe UK LLP, this also means being selective about what work is undertaken. He explains that Crowe UK “continues to be robust in our risk management processes to ensure that we only participate in tenders or accept appointment for audits where we believe we have the requisite skills, sector knowledge and capacity to perform an audit of the required quality. Our focus is ensuring that the firm has measured, risk-managed, sustainable growth in our key areas of specialism within the audit market.” He also adds that “the availability of audit people is a challenge for almost all audit firms at the moment and not something that we are immune from. We have explored some alternative resourcing methods in the year including the use of offshore delivery centres but we are committed to having the senior members of audit teams based in the UK.”  

Similarly, Stephen Hamlet, CEO at Russell Bedford International, adds that “relevant training and professional development, sharing of best practices, internal consultations, and flexible working arrangements to secure and retain competent staff,” are key in meeting the challenge of increased scrutiny on audit quality and perceived conflicts of interest between audit and non-audit work. 

Dr. Christian Gorny, CEO of ETL Global, has a slightly different and interesting take on this, stating that “general practitioners will not survive in the long run” and that this may, in future, eliminate the perceived conflict of interest. He explains, “our firms’ focus is on specialised practitioners as a key strategy to maintain and improve their audit quality. Adding technological capabilities to the academic education of our member firms’ audit professionals will clearly differentiate their audit services from those of the competitors and attract talented staff in the future. Our member firms put big effort in external as well as in-house training with e-learning becoming more and more prevalent.” Some networks and associations also do not view this as a daunting problem. For example, Francesca Largerberg, CEO of Baker Tilly International, feels that their multi-disciplinary firms have invested in and implemented an “updated conflict check system which makes confirming perceived or actual conflicts of interest with other firms in our network even easier. Such issues remain rare for us as compared to the very largest networks.”

top row from left:

Tony Szczepaniak, CEO LEA Global

Francesca Largerberg, CEO Baker Tilly International 

bottom row from left:

Dr. Christian Gorny, CEO ETL

David Mellor, CEO Crowe Global


By their very nature, the demand for specific advisory services varies across the globe depending on local priorities and specific client needs. However, there are ever present themes such as digital transformation, ESG programming, regulatory requirements, tax planning, business transformation, change management, resiliency, cybersecurity and risk management. David Mellor, CEO at Crowe Global, states, “we had seen a trend for increased demand for advisory services across our member firms even before the pandemic. Although there was a change in timing of the requirement for these services at the start of the pandemic, we have seen a general increase in demand over the past two years.” There are contrasting contributing factors for this growth. 

Tony Szczepaniak, CEO at LEA Global, points to technology transformation and M&A transaction advisory services, being driven by expanding client demand, as an ever-increasing segment of their business. For Andrew Leck, MSI Global Alliance’s CEO, restructuring, refinancing and cost management have been key to the agenda due, as he says, “to the changing marketplace associated with the current economic challenges and the pandemic.” Certainly, corporate finance and transaction services teams were much in demand during 2022 as cash-rich businesses and particularly private equity funds sought out appropriate investments. It remains to be seen how much this market may slow down, reflecting the anticipated recessionary pressures, over the next year or two. 

Heathcote feels demand will continue to grow for advisory services. He explains, “Corporate finance is on the rise as more M&A opportunities emerge.  We feel that these will increase in a recessionary environment.  We are also seeing insolvencies increase as government support post-pandemic decreases and, therefore, firms’ insolvency and restructuring services are growing. Also, technology services continue to increase rapidly covering areas such as cyber security, developing dashboards to provide business insights, exception reporting and introducing Robotic Process Automation (RPA).” Hamlet adds an additional insight into why this anticipated increase in advisory services may occur, stating that “the disruptive implications of the pandemic and the energy crisis mean that the advisory services most in demand globally, in the past year, relate to corporate strategy formulation, finance, organisation of business operations, taxation and human resources. These circumstances have led to the need for rethinking the modus operandi, and to changing business plans and processes for corporate sustainability.  Often, this advice is sought from accountancy firms because of their good knowledge of their clients and their understanding of business models.” 

Pablo San Martin, CEO at SMS Latinoamérica, has identified sustainability consulting, green finance services, digital transformation and corruption prevention services as being other key areas of advisory in high demand. In fact, across the industry there is evidence of an increased call for advice on green finance, as well as ESG (Environmental, Social, Governance) programmes. Kramer believes that this demand is partly driven by the need to make better sense of new legislation and reporting requirements. Anton Colella, CEO Moore Global, confirms that they have been “developing a new methodology for introducing new advisory services into Moore and in 2022 launched, from scratch, a Global ESG Advisory service.” Clearly ESG will be a happy hunting ground for new business across the industry. 

Whilst Lagerberg also reports healthy demand for ESG-related services, primarily driven by regulatory disclosure requirements, she has noticed a marked increase in demand for forensic services to detect potential financial crime resulting from, “companies returning to the office environment and discovering financial transactions that stood out as suspicious.” The advantage of deploying new technologies in detecting this type of financial fraud, as well as other forms of cybercrime, is not lost on anyone in the accountancy industry and some projects have the benefit of triggering product innovation and new business models to offer clients. For example, Lagerberg states, “in a short space of time, Asia has come to the forefront of private market investment opportunities, particularly in the growth equity space. We are also seeing an increase in the popularity of private credit in that region. This has resulted in increased demand from banks and funds requesting cash flow monitoring and working capital management services.” 

Globally, networks and associations are reporting that clients have also been looking at diversification of their supply chains, resulting in requests for market entry strategies and feasibility reviews for setting up their operations in markets like Vietnam, India and Mexico. There has also been an increase in the demand for wealth management services with wealthy Chinese family offices wishing to relocate their base to relatively safe financial hubs like Singapore. With such a varied set of requirements, it is important that, as Kramer states, “multi-disciplinary firms are able to meet a wide range of client needs.  To strengthen our offering, we have joined up several of our Advisory practices, now working globally as one.  Yet, at the same time they also remain ‘local’, allowing them to react swiftly and adapt to local dynamics.”  

Another good example of this approach is provided by Heathcote, who relates that “using data to create insights can help with this. One PrimeGlboal firm in the Netherlands has developed a data warehouse which enables them to take a 360-degree view of their clients. If the Government introduces new requirements in the Budget, within 24 hours clients receive a customised email explaining the specific impact on them. It is very difficult for other firms to compete with this.  Taking a complete view of a client’s business and helping support their wider needs creates differentiation – it demonstrates the firm is a trusted advisor.  Firms should help clients find the right support even if that means referring them to a different firm for specialist advice.” 

Adaptability, as a byword, abounds if other examples are considered. Disrupted supply chains, due to China’s Zero Covid policy has led to procurement being localised, thus creating opportunities for firms to review end-to-end processes and assess business risk and resilience. Vietnam is growing in terms of advisory opportunities as supply chains move away from China. Throughout the pandemic, government support often kept many companies afloat but as this has decreased, insolvencies have been on the rise. Advisory firms are supporting with insolvency and restructuring services. Chinese companies have moved stock listings back to Hong Kong from Western exchanges creating significant advisory opportunities in Hong Kong and China. As Christian Gorny reiterates, “geo-political and regulatory trends are typically interrelated. These situations tend to offer excellent business opportunities as clients increasingly ask for advice on how to deal with change.”


Legislative and regulatory changes continually impact the work of tax professionals, and this varies by location, but the same type of compliance issues apply across the globe. The resulting services offered by accountancy firms are not too dissimilar, therefore. The interesting areas are to be found in emerging trends. As an example, Kramer talks about the “economic complications arising from addressing climate change and energy transition, workforce mobility and migration, and even greater digitalisation; all situations which require an international response on tax, at a time when there is renewed emphasis on the importance of domestic financial affairs and national borders.” 

For Pablo San Martin, tax advisory, rather than tax compliance, is in high demand. He says, “digitisation of tax returns allows accountants to focus more on tax advisory and since OECD regulations are increasing, and a global tax coordination system is already in place, clients need more international knowledge. Tax strategies must be internationally coordinated. This means that international tax experts are already in high demand, a trend that is expected to continue. This is positive for accountants, since demand is increasing in strategic thinking rather than in producing information or filling in tax forms. A globally coordinated tax strategy is necessary and, therefore, international networks are increasingly required.” 

Taxation, is never a straightforward issue. Multinational clients are especially sensitive to transfer pricing matters. These clients are subject to varied and complex rules imposed by the sovereign nations within which they conduct operations. It is up to the client to prove that the sovereign nation is receiving its fair share of direct tax revenue. As Lagerberg asserts, “transfer pricing studies are the traditional mechanism used to substantiate arms-length pricing amongst multi-national related parties. These studies are complex, require substantial expertise, subject to multiple variables and interpreted nation by nation using rules that are not unilaterally synchronised.” This situation, clearly, creates advisory opportunities. 

Another prominent source of business is outsourcing. As Claudia Ortiz, International Tax Director at Crowe Global, states, “Currently there is more demand for outsourcing of tax services, outsourcing of tax compliance (such as transfer pricing reports), tax planning, and high-level tax advisory (such as global mobility services due to changes in world conditions following the pandemic). Also, due to the disruptive global economy, M&A and restructuring transactions are increasingly relevant, which demand tax restructuring and due diligence services.” Of course, to be successful in performing effective tax advisory work, there are two key challenges; the first is achieving a level of process automation so that a tax function can be agile and expedite and simplify workstreams. The second is in dealing with the fast-paced change of tax regulation across borders and keeping on top, and ahead of, this. However, these two aspects can, often, be at odds as automation of processes is challenged by cross-border working, and a frequently changing international regulatory landscape.

top row from left:

Anton Colella, CEO, Moore Global

Claudia Ortiz, International Tax Director,  Crowe Global

bottom row from left:

Pablo San Martin, President SMS Latinoamérica

Mark Baer, CEO Crowe LLP (US)

Andrew Leck, CEO MSI Global Alliance


Like any other industry, accountancy firms need to attract and retain talented professionals with the right skills and experience to provide high-quality services to their clients. Despite the introduction of new technologies and automation of certain functions, this is, in many ways, still a highly specialised field. Accountants must have a deep understanding of financial reporting, taxation, and other financial matters and they must also be able to communicate complex financial information to clients in a way that is easy to understand. As a result, finding candidates with the right combination of technical knowledge and interpersonal skills can be challenging. Naturally, as a consequence, the focus for each firm can vary. 

As Mark Baer, CEO of Crowe LLP, states “we don’t view AI and digital transformation as a replacement for human beings, we see advanced technology as a tool to augment and enhance the work they’re doing while also enabling our talented teams to innovate and deliver even more value.” Szczepaniak has a similar sentiment when he states, “it’s not so much about replacing roles but rather replacing non value add with automation and digital solutions that enable our professional talent to focus on adding value to their clients.” This is an oft-repeated refrain across the sector but the automation/digital journey can be varied. 

For Kramer, digital investments need to focus on technology such as fact-based data, predictive intelligence and process automation with a view to enhancing the digital client experience. Leck views the investment in new technology not just as a way to support remote working but also as having a positive impact in recruiting and retaining professional staff. He echoes a widely-held sentiment that automation technology can complement existing skill sets and open up new roles in firms. Often, skills shortages are covered by greater efficiencies through automation and AI which, of course, can affect non-professional staff as well such as support functions for IT or payroll. Firms are investing more in development of staff to improve retention and develop higher level analytics and insight skills. For example, at PrimeGlobal, explains Heathcote, the focus is on providing continued training within a focussed mentorship programme. 

In a similar vein, Hamlet adds that Russell Bedford International hold a Young Partners and Managers meeting towards the end of the year and seek to understand from the younger generation as to what skills they believed they needed. He says, “we ran sessions on pitching to clients and on personal brand. Both of these topics reference, what one might class as, ‘sales skills’ which are so very important for those who wish to advance in the profession. An accountant nowadays has to be an extremely personable and approachable individual, who can be immediately trusted by clients with their business. It’s no longer just performing the accounting and auditing functions but becoming an extension of the client’s actual team, to offer advice and guidance.” 

DEI programmes are part and parcel of recruitment strategies throughout the industry. Baer states, “DEI and sustainability are firm priorities and critical elements of our Crowe Story and our enterprise strategy. We treat DEI as a true business imperative and hold ourselves accountable to ensuring we are fostering a diverse and inclusive firm – one that resembles the communities where we live and work. Championing DEI and sustainability is more than just the right thing to do; our people, clients, and the market demand it. It aligns with our values and makes us a better firm. In our 2022 DEI transparency report, we committed to concrete DEI goals, which we aim to achieve by 2025, with 25% more racial and ethnic diversity at all levels, 25% more women at senior manager, director, and partner levels and 25% more spend in supplier diversity across sourceable spend.” 

At BDO, explains Kramer, firms have specific DEI policies and programmes and “that this is not a static environment, as we do not believe one size fits all across the globe. Similarly, our firms use targets where they consider that targets can be helpful in achieving our goal. Our firms’ programmes aside, BDO also invests in a number of strong global initiatives, such as dedicated training programmes like our Global Partner Leadership Programme and skills training at Harvard. We also publish our yearly International Women’s Day Report, showing how our female professionals really make an important difference at BDO”.


Cyber security and cybercrime will continue to have a major impact on all industries in 2023. Organisations need to be aware of the growing risk and need to take all necessary steps to protect their infrastructure and train their people. Leck talks about an “increased adoption of automation, analytics, robotics, and blockchain” as being “just a few of the disruptive technologies impacting the accountancy profession which firms are adapting at different speeds. With more staff working remotely, many firms have successfully upgraded their operations and the next logical step is to continue to enhance the increased digitalisation programme that was accelerated by the pandemic. The increased use of technology does increase the exposure to cyber risk for the industry and we are seeing significant investment in cyber security overall and increased training for staff in member firms to mitigate the risk.” 

In the UK, Make Tax Digital (MTD) will fuel further expansion of tax-based cloud services.  And new requirements in many jurisdictions will increase the adoption of ESG based technology services. However, as Heathcote observes, the major drive will be technology integration which is relevant to clients’ specific needs. He says “firms need to build technology stacks which link together a wide range of services from HR to finance to consultancy. The stacks need to be relevant to different industries to help benchmark against the most appropriate data. For emergent tech, software providers will increasingly need to demonstrate that their products do integrate to provide a complete service to clients.  Firms are developing expertise to review the apps included in technology stacks.” 

As with any new technology, there is often a “trust lag” between development and commercial adoption i.e. the time needed for the tech to prove itself reliable and useful. As Lagerberg explains, this is certainly the case with AI. She explains that “building trust in AI to enable better use of related technologies means demonstrating its reliability to users, customers and regulators, so that it becomes a truly bona fide way of doing/investigating things.” She also believes that although it is early days for the Metaverse, it is expected that more firms and their clients will start to explore this as part of their offerings, especially to technology/innovation driven clients. Defining the governance environment for these future interactions between technology and humans, especially in a commercial setting, is an imminent requirement. 

The industry continues to see an evolution towards blockchain technology to the benefit of audit.  There are several potential benefits, such as the fact that blockchains are inherently resistant to modification of any stored data. Kramer feels that “Fully automated audits may at one point become a reality, but are at present still susceptible to various technology risks.  Before that step can be taken, requirements for new procedures will need to be implemented, to address the risks associated with the blockchain environment, where IT controls will gain a pivotal role in ensuring that financial statements are free from material mismanagement.” Szczepaniak agrees that widespread use of this technology is “still quite far out. To bring this forward, we need simplification of apps and use cases for the middle market.” 

Heathcote adds that “Blockchain will be increasingly used over the next few years as concerns about the integrity of supply chains increase – the focus on modern day slavery increases attention on the complete value chain.  It will also be driven by concerns about fraud and cyber risk.  Auditors will need to be ready to audit the integrity of the blockchain. And blockchain itself can be used by auditors to help share and protect confidential data. The metaverse is still emerging and it is not yet clear how prevalent it will be. Over 2023 I expect there will continue to be innovation in this area.  For business operating in the metaverse, I do feel we are likely to see our first metaverse audit. Some audit firms have already established offices in the metaverse.”

Up Ahead

The future of accounting and auditing from the perspective of Blockchain and the Metaverse cannot yet be foreseen with any clarity or certainty. The relevant scientific studies are still extremely limited but the objectives of accounting and auditing remain unchanged. The main focus for the industry remains quality recruitment with an emphasis on specialisation and trying to connect new generations in terms of engagement and hybrid working. Ultimately, the objectives remain the same; delivering audit, advisory and tax advice, locally and globally in response to the changing demands of a new generational world order for sustainable solutions tailored towards a valued good client experience.