Agreed. I am a former big4 staff. Started more than a decade ago. Personally witnessed the deterioration over the years. Increasing number of new hires that don't seem to be sufficiently knowledgeable in accounting rules. Accounting students from NTU / NUS / those who completed ACCA, tend to be more competent. I suspect that the accounting curriculum in other schools may have neglected technical concepts and instead focus on presentation / debating in classes.

With respect to your cost management point, it is not entirely management's fault too. The competitive audit market in Singapore has been pressuring firms' revenue. The equities capital markets in Singapore has been lackluster ever since the end of S-chips IPO era. Accounting firms undercut one another, resulting in lower audit fees being charged over time. From my experience back in 2016, another big 4 firm had undercut my firm by more than 50% in audit fees just to woo a large public listed company. Let's not talk about the increasing number of rules and technical complexities being piled on the accounting standards over time, further adding onto cost. Perhaps, regulatory intervention into the business/operations side of audit in Singapore may be required at some stage.