Check out this recent speech that a veteran auditor/forensic accountant made before the PCAOB's Standing Advisory Group:
He wonders out loud whether the risks and rewards of being an audit partner have tilted so far to the risk side that the position is no longer desirable enough to attract top talent. He suggests that this is increasing the flight of highly talented managers and senior managers from the industry. He calls for better compensation, more prestige, and less risk to improve the talent level in public accounting.
I know some of you will say this guy is stating the obvious. But I'd like to hear what people think of the idea that the most senior positions in a firm are no longer attractive enough to keep the underlings striving.