Explore the challenges and future of the audit profession in this insightful lecture by Annette Kimmitt, Managing Partner at Ernst & Young Melbourne. Delve into the impact of rapid regulatory changes and increased economic risks on major audit firms' profitability and sustainability. Examine key factors affecting the industry, including audit fees, economic outcomes, productivity, technology adoption, human capital management, and diversification strategies. Gain valuable insights on emerging trends such as integrated reporting, non-financial reporting, and outsourcing. Understand the complexities of maintaining a sustainable future for auditing practices in an ever-evolving business landscape.