ACRA and ISCA are afraid that the shortage of auditors and accountants will lead to increased audit fees, translating to higher costs for businesses.

An audit firm might tell a client, "If you are not happy with our quotation, you can check with other audit firms." When the client approaches another firm, they will likely find that the price is roughly the same.

In essence, to get things done, you will need more money. We have reached a point where money is required to solve problems.

To address this, the first thing ACRA and ISCA need to do is stabilise audit fees and prevent them from continuing to rise due to the shortage of manpower.