This study sought to assess the level of correspondence between parent and teacher report of concern about young children’s speech and specialist assessment of speech sound disorders (SSD). A sample of 157 children aged 4–5 years was recruited in preschools and long day care centres in Victoria and New South Wales (NSW). SSD was assessed independently by: (1) clinical diagnosis by a speech-language pathologist using the Diagnostic Evaluation of Articulation and Phonology; (2) parent-reported concern using the Parent Evaluation of Developmental Status (PEDS); (3) teacher-reported concern using the PEDS. Agreement between parent identification of SSD and clinical assessment was high (86–90%). Agreement between teacher identification and clinical assessment was lower, and varied by state (Victoria 80%; NSW 63%). Differences in the accuracy of early childhood teachers’ identification of SSD are considered in relation to early childhood policies regarding the provision of speech-language pathology services in preschool settings.