From www.accountingweb.co.uk: [UK context] Audit faces ongoing challenges, including tough regulations, a perception problem leading to recruitment difficulties, and a decrease in the availability of auditors due to market consolidation.

The Financial Reporting Council is exploring ways to make auditing more efficient and accessible, especially for small to medium-sized enterprises, as current standards are not well-suited for them.

Despite these issues, there are signs of progress, with technology and data analytics being embraced by forward-thinking firms to enhance audit processes.