PwC’s US audit leader, Deanna Byrne, is advocating for reforms in accountant licensing requirements, focusing on increasing on-the-job experience over college credit hours, according to Bloomberg Tax.
Byrne, who has been working for 36 years at PwC and became the firm’s assurance leader in July 2024, aims to develop PwC’s auditors and recruit newcomers amid a shrinking candidate pool.
This initiative is part of broader efforts to enhance audit quality and expand non-financial assurance services.
The Big Four firms, including PwC, are said to have largely avoided the talent shortage impacting smaller firms as fewer accounting graduates enter the market.
Last month, The Center for Accounting Transformation’s (the Center) research report noted that the accounting profession is facing a talent shortage.
State regulators are considering reducing education requirements to a standard bachelor’s degree and two years of work experience.
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By GlobalDataThe current 150-hour rule, which demands an additional year of education, is seen as a barrier to entering the profession.
Deanna Byrne said: “We are supportive of alternative pathways into accounting that preserve mobility, which is really of critical importance, but that build competencies and help increase the number of people coming into the profession.”
KPMG’s CEO has also supported reducing college credit hour requirements for licensing.
Byrne’s current strategy includes preparing staff for new environmental reporting requirements in Europe and providing AI governance services.
PwC is also focused on improving traditional audit work, including income and asset verification for publicly traded clients.
Eight top PwC partners, including senior partner Paul Griggs and Byrne, have signed compensation agreements that could affect their pay if the firm’s audit governance system fails.
Additionally, a pilot programme to enhance fraud detection and going concern analysis will run through the upcoming annual reporting season.
Byrne noted that the results could influence the firm’s response to anticipated revisions in US audit standards on fraud and going concern risks.
In October 2024, PwC Academy in Cyprus launched the Business Professionals Certificate in collaboration with the Institute of Chartered Accountants in England and Wales.
