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Mind the gap: Bridging the leadership divide for women in audit and accounting
In recent years the professions of auditing and accounting have undergone significant changes influenced by regulatory developments, technological advancements, and evolving societal expectations. Despite progress in many areas there remains a notable underrepresentation of women in leadership positions. Although women now make up a significant portion of the workforce, in accounting and finance their presence drops sharply at the highest levels of leadership. This article explores the challenge in the profession and offers solutions which will resonate with business leaders around the world – it is not just the auditing and accounting professions that have work to do.
As acknowledged in the 2023 report by the Association of Chartered Certified Accountants (ACCA), women make up nearly half (46%) of all qualified accountants and auditors globally. Indeed, according to the Financial Reporting Council, all accountancy bodies over the last 25 years have seen an increase in the percentage of female members and students. However, women still only hold about 20–25% of leadership roles within accounting firms and corporate finance departments. The Addiko 100 Largest project identifies and promotes the top 100 most successful companies across Southeast Europe. Based on data from 2019-2022, this initiative reveals that Serbia's accounting, bookkeeping, and auditing sector alone boasts 6,067 women in managerial roles. Indeed, of all licensed auditors in Serbia, approximately 50% are women. However, in terms of ownership structure, women represent about 32% of business owners in Serbia, with similar representation in senior management roles.
This gap between representation at entry-level and senior leadership positions points to the existence of systemic barriers that disproportionately slow women's career advancement. These obstacles include the lack of flexible career paths that accommodate life phases such as motherhood and family care. In Serbia, as at a global level, women often make up more than 50% of junior employees in auditing. However, as the position level increases, the proportion of women decreases. This raises the question: do women desire less responsibility, or are there barriers preventing them from reaching the top?
The answer is complex and transcends such a binary question. In the majority of cases it is a combination of factors; family responsibilities; longer working hours; a lack of role models and mentors; traditional company structures; and limited access to informal networks that facilitate career advancement. It is important to understand that this is not a problem that can be solved by campaigns, but requires thoughtful and strategic human resources management. The goal should not be to ‘push’ women into leadership to meet quotas, but to enable companies to recognise and develop talent without unnecessary obstacles so that women realise their full potential.
The business case for gender diversity in leadership is well-established. Numerous studies show that diverse leadership teams foster greater innovation, accuracy, and better problem-solving. In auditing and accounting - where professional scepticism, ethical judgment, and stakeholder trust are of utmost importance - the ability to make decisions drawing on diverse perspectives can significantly improve decision-making quality.
As an audit firm, Russell Bedford DIJ D.O.O is a strong advocate for advancing gender equality within the financial sector. The firm recognises the crucial role women play in shaping the future of auditing and accounting, and is dedicated to fostering their professional development and leadership growth. Additionally, the firm actively works to create an environment that enables women to ascend to the highest positions. For the company, equality is not just a value; it is a fundamental part of both its daily operations and strategic approach.
The firm promotes transparency in its hiring and promotion processes to eliminate potential barriers and ensure a fair and inclusive workplace. Recognising that returning from maternity or paternity leave can be a significant obstacle to career continuity in auditing, Russell Bedford DIJ D.O.O has introduced flexible and hybrid work models. The firm regularly reviews internal policies to ensure a fair and inclusive work environment and supports initiatives that inspire young women to pursue careers in finance. By setting an example of good practice the firm aims to motivate other organisations in the industry. Every employee has access to career development and continuous education programmes.
Founded by two women two decades ago, Russell Bedford DIJ D.O.O honours their legacy by empowering young female professionals in auditing and accounting. This commitment is central to the firm’s broader mission to foster sustainable and responsible business practices. The firm aims to encourage a diverse workforce within the Russell Bedford International organisation to enhance and strengthen the accounting and auditing professions.
To conclude, bridging the leadership gap for women in audit and accounting requires more than just awareness; it demands intentional, strategic human resources management. By addressing systemic barriers, fostering inclusive environments, and implementing supportive policies like flexible work, firms can truly empower talented women to reach leadership roles, ultimately strengthening the entire profession and driving greater innovation and success. The same is true for businesses across the board.
Bojana Medulovic
Belgrade, Serbia
Bojana is a partner at Russell Bedford DIJ, Russell Bedford’s Serbia member firm. For more than 15 years she has been responsible for audit services, transfer pricing and consultancy services in the fields of accounting, audit and taxes.
Bojana holds a master’s degree in Audit and Accountancy from the University of Belgrade. Since 2012 she has been a member of the Chamber of Certified Auditors and the Association of the Group of Auditing Companies within the Serbian Chamber of Commerce.
Mirjana Jovanovic
Belgrade, Serbia
Mirjana is a project manager at Russell Bedford DIJ, joining in 2008. Mirjana has extensive experience in auditing across various sectors. She is also responsible for conducting audits under a large European Commission (EC) framework contract conducting grant audits on projects and beneficiaries in receipt of funding from the EC.
Mirjana is involved in overseeing the firm's operations and ensuring top-quality audit, accounting, and consulting services for business partners.