The Accounting Talent Shortage Is Changing How Firms Handle Valuations
The accounting profession has a people problem. There aren't enough new CPAs coming in, experienced professionals are retiring, and firms are competing for the same shrinking talent pool against tech companies and financial services firms that often pay more.
For audit and financial reporting teams, that creates a real operational problem: complex valuation work still has to get done - accurately, on time, and in compliance with regulatory standards - regardless of what's happening with headcount.
It's Not a Temporary Problem
Accounting Today's 2026 survey of Top 100 Firm leaders named the talent shortage one of the biggest issues facing the profession today - alongside AI, automation, and industry consolidation.
Firms are fighting back with better recruiting, remote work flexibility, and stronger career development programs. But specialized technical work (especially investment valuations) is hard to staff for even under the best conditions.
And when experienced people leave, they take critical knowledge with them.
"The critical challenge is transferring institutional knowledge, client relationships, and decision-making responsibility in a way that preserves confidence, culture, and strategic momentum."
— Ryan Cook, Managing Shareholder, Lutz
Valuation Standards Aren't Getting Easier Either
At the same time, regulators are paying closer attention. PCAOB inspection findings have flagged recurring deficiencies in how audit firms handle investment valuations - including sampling methodology, over-reliance on custodian statements, NAV procedures, and fair value hierarchy categorization.
These aren't technicalities. They represent real risk for firms and the clients depending on accurate financial reporting.
Maintaining that standard in-house, while also managing a staffing shortfall, is a difficult position to be in.
Why Firms Are Turning to External Valuation Specialists
More audit and financial reporting firms are bringing in dedicated valuation partners to fill the gap. The advantages are practical:
Specialized expertise without adding headcount. Access to deep valuation knowledge that's difficult and costly to build internally.
Up-to-date regulatory knowledge. External specialists stay current on PCAOB standards, FASB ASC Topic 820, and evolving audit expectations - so firms don't have to maintain that expertise themselves.
Built-in independence. A third-party provider offers the separation from client pricing influence that regulators expect - directly addressing PCAOB concerns around independence.
Documentation that holds up. Transparent, well-documented valuation processes that support the substantive testing regulators require.
How Harvest Upholds Industry Standards
Harvest has provided financial instrument pricing services to audit firms, financial institutions, and financial reporting professionals for over 30 years. With more than 200 clients annually (the majority audit specialists and financial institutions) the work speaks for itself.
Harvest's loan pricing platform handles hard-to-value loans and bonds with full transparency into assumptions, market observations, and valuation risk. Audit teams get the documentation they need to meet independent verification requirements. Valuation advisory services are developed with close attention to PCAOB standards and FASB guidelines.
As firms manage succession gaps and rebuild their expertise pipelines, Harvest offers something consistent: specialized valuation knowledge that doesn't depend on any one person and doesn't fluctuate with internal staffing cycles.
Valuation Quality Can't Wait
The staffing challenges facing the accounting profession are real. But financial reporting can't be put on hold while firms work through them.
For firms that need to maintain valuation quality - independent of what's happening internally. Harvest is built for exactly that.
Reach out to Harvest today to learn more about how Harvest supports audit firms and financial institutions with accurate, independent, and audit-ready valuations.
