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The global auditing services market is forecast to increase by USD 95 billion at a CAGR of 5.32% between 2022 and 2027. The market is witnessing significant growth driven by several key factors. There is a notable uptick in the adoption of audit management services as organizations prioritize compliance and risk management. Moreover, businesses are increasingly seeking efficient processes to streamline operations and enhance financial transparency. The proliferation of Federal Tax Authorities (FTAs) across various regions further underscores the importance of robust auditing practices, driving the demand for auditing services worldwide. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The market is influenced by several critical factors that shape its dynamics. With stringent regulations and oversight by audit regulators, businesses across industries are compelled to adhere to rigorous audit procedures. Additionally, the expansion of non-audit service lines further diversifies the scope of auditing services, offering comprehensive solutions to meet evolving client needs. As multinational corporations expand their footprint with subsidiaries worldwide, the demand extends beyond borders. Furthermore, considerations like auditing fees play a pivotal role in shaping the competitive landscape of the global market.
This report extensively covers market segmentation by service (assurance, tax, and advisory), type (external and internal), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Auditing services, provided by auditing and accounting firms, involve an independent examination of an organization's systems and processes to assess risk management, governance, and control processes. These services include performance, financial, system security, compliance, and due diligence engagements. Auditing firms deliver objective reports, enhancing the reliability of business decision-making. In today's digital era, auditing services adapt to long-term value through the use of cloud-based infrastructure, digital technologies, data analytics, big data, analytics, machine learning, mobile computing, business intelligence, and revenue generation.
Strict regulations govern the auditing process in various industries, such as healthcare, IT & telecommunication, and BFSI. External auditors play a crucial role in ensuring the reasonable financial statements of organizations. Digital advancements, including workflow automation, actionable insights from data, and the lack of awareness regarding AI and mergers and acquisitions, impact companies' performance. They employ analytics, machine learning, and AI to provide valuable insights, enabling organizations to optimize their core business and corporate spending.
The assurance segment will account for a major share of the market's growth during the forecast period. Assurance services is defined as independent professional service, ordinarily provided by certified public accountants, with the purpose of improving the information or the context of the information so that the decision-makers can make presumably better decisions.
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The assurance segment was valued at USD 105.95 billion in 2017 and continued to grow until 2021. Assurance services provide professional and independent opinions, which reduces the information risk of incorrect information. The International Professional Practices Framework (IPPF) Standards of the Institute of Internal Auditors (IIA) define assurance services as an objective examination of the evidence for the purpose of providing an independent assessment of risk management, governance, and control processes for the organization. Moreover, it help to improve the quality of information for the individuals making decisions. Providers of assurance services help clients navigate the risks, complexities, and opportunities in their partner networks by proactively monitoring and managing risks presented by third-party relationships. Businesses use assurance services to enhance the relevance, transparency, and value of the information they disclose to the market and their investors. Such factors will drive the growth of the assurance segment of the global market during the forecast period.
North America is estimated to contribute 31% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The Market in North America is experiencing steady growth due to the necessity for businesses to optimize their financial structures and adhere to regulations. Big Four accounting firms and global accounting firms play a crucial role in this process by providing independent reporting on organizations' financial records, ensuring reasonable financial statements. The US and Canada are significant contributors to the market. US businesses grapple with managing emerging risks and aligning strategies with financial structures. Digital technologies, such as cloud-based infrastructure, data analytics, big data, machine learning, and mobile computing, are transforming the auditing landscape. Performance indicators like volumes, capacity, and operating metrics are essential for auditing services. Strict regulations impact corporate spending in industries like healthcare, IT & telecommunication, and BFSI. Lack of awareness and the need for automation and artificial intelligence (AI) are emerging trends. Mergers and acquisitions and companies' performance are also areas of focus. Auditing involves analyzing data from systems and processes to provide actionable insights.
Professional firms use various methods and techniques to provide auditing services, including risk assessment, data analysis, and testing of transactions and controls. The value lies in their ability to provide independent, objective assurance to stakeholders that an organization's financial statements and internal controls are reliable and trustworthy. In summary, they are essential for maintaining the accuracy and reliability of financial and operational reports. Firms offer various types of auditing services, including financial, operational, IT, and system audits, using professional methods and techniques to provide independent assurance to stakeholders. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Demand for efficient business processes is the key factor driving the growth of the global market. It encompass both internal and external audits, with the former being an independent process for monitoring operational efficiency within a business. External audits, conducted by auditing service firms, provide objective evaluation and disclosure to regulatory bodies and end-users. Government regulations mandate external audits for companies registered under stock exchanges. Large-scale organizations with a global presence must comply with the regulations of all countries they operate in. For instance, the EU requires large organizations to put out audit tenders every ten years and change suppliers every 20 years. Integrated audits and strategic audits provide value by evaluating an organization's financial records, financial statements, cash management procedures, accounting policies & controls, trial balance accounts, creditor relationships, and new business initiatives.
Audit reports generated from these engagements offer insights into an organization's financial health and future earnings. Audit firms offer independent and objective evaluation, ensuring the reliability and credibility of financial information. End-user industries such as IT & telecommunications, BFSI, accounting practices, financial institutions, banks, and insurance companies rely on auditing services for financial statement reporting and regulatory compliance. The economy's current state, with travel restrictions and work from home policies, has led to increased adoption of technology tools for conducting audits. Internal audits have become a common practice, with auditing service firms offering advisory and consulting services to help organizations improve their accounting practices and financial statement reporting.
Proper management of inventory systems and working capital is the primary trend in the enterprise indoor global market. As global economies continue to interconnect, the significance of accurate and reliable financial information in the market cannot be overstated. FTAs, such as those established by Japan with Asian countries, foster cross-border trade, leading businesses to seek auditing services to ensure the credibility and objectivity of their financial and non-financial information. Integrated and strategic audits provide value by evaluating an organization's financial records, financial statements, cash management procedures, accounting policies & controls, trial balance accounts, creditor relationships, and new business opportunities.
Audit reports from reputable auditing service firms, including external auditors, ensure regulatory compliance and disclosure, essential for end-user industries like IT & telecommunications, BFSI, and financial institutions. In today's economy, with travel restrictions and work from home becoming common practice, technology tools play a crucial role in audit engagements. Internal audits and external audits offer an independent process for objective evaluation, contributing to future earnings and market share. Government regulations continue to shape the market, emphasizing the importance of transparency and disclosure.
High cost and maintenance of auditing services is a major challenge to the growth of the global market. Auditing plays a crucial role in ensuring the reliability and credibility of an organization's financial and non-financial information. By conducting integrated and strategic audits, businesses can enhance their processes, leading to increased efficiency and eliminating redundant tasks. Audit reports generated from these engagements provide invaluable insights, enabling organizations to make informed decisions and modify workflows. It encompasses various aspects, including financial information such as organization's financial records, financial statements, cash management procedures, accounting policies & controls, and trial balance accounts. Additionally, auditing covers non-financial areas like creditor relationships, new business initiatives, and adherence to government regulations. Audit firms offer independent, objective evaluations through internal and external audits. External auditors ensure compliance with regulatory requirements and disclosure standards, while internal audits help organizations identify areas for improvement.
Auditing services are essential for various end-user industries, including IT & telecommunications, BFSI, accounting practices, financial institutions, banks, and insurance companies. In the current economic climate, with travel restrictions and work from home becoming common practice, technology tools play a vital role in facilitating audit engagements. In conclusion, auditing services provide significant value by ensuring the accuracy and reliability of financial and non-financial information, enabling organizations to make informed decisions, and maintaining regulatory compliance. Audit engagements contribute to an organization's future earnings by identifying opportunities for improvement and ensuring effective implementation of accounting practices and financial statement reporting.
The report includes the adoption lifecycle of the market, spanning from the innovator’s stage to the laggard’s stage. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Baker Tilly International Ltd.: The company offers auditing-services such as internal control reviews.
BDO International Ltd.: The company offers auditing-services such as BDO Advantage digital audit suite.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
In the dynamic and complex business landscape, Auditing Services play a crucial role in ensuring financial accuracy and regulatory compliance. Firms, organizations, and businesses across industries require Auditing Services to assess their financial statements, internal controls, and operational processes. According to recent studies, the market is expected to grow significantly due to increasing regulatory requirements, digital transformation, and the need for transparency and accountability. Firms offering Auditing Services use advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Data Analytics to provide more efficient and accurate services. These technologies enable auditors to analyze large volumes of data and identify patterns and anomalies that may indicate fraud or errors. This shift towards digital auditing has led to the adoption of cloud-based auditing tools and platforms, providing greater flexibility and accessibility to clients. In conclusion, the market is experiencing significant growth due to the increasing need for financial accuracy, regulatory compliance, and digital transformation.
In the dynamic business landscape, the importance of maintaining financial accuracy and regulatory compliance cannot be overstated. These services provide independent, objective assessment of an organization's financial statements, processes, and controls. The global market is a significant one, with key players offering services like Assurance, Consulting, and Regulatory Compliance. Firms like Deloitte, PwC, EY, KPMG, and Grant Thornton dominate the market. Firms use these services to improve operational efficiency, mitigate risks, and ensure regulatory compliance. With the increasing complexity of business operations and regulatory requirements, the demand for Auditing Services is expected to grow. Firms in the Intech sector, especially those dealing with sensitive financial data, are major consumers of these services. The use of advanced technologies like AI and machine learning is transforming the industry, making it more efficient and effective.
Auditing services play a crucial role in ensuring the accuracy and reliability of financial and operational reports. Firms, systems, and processes are essential components of auditing services. In today's business environment, accounting firms and consulting companies offer a wide range of auditing services, including financial audits, operational audits, IT audits, and system audits. Financial audits focus on examining an organization's financial statements and accounting records to ensure compliance with accounting standards and regulations. Operational audits assess the efficiency and effectiveness of an organization's internal processes and controls. IT audits evaluate an organization's information systems and technology controls to ensure they are secure and comply with regulations. System audits examine an organization's computerized systems to ensure they are operating effectively and efficiently.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.32% |
Market growth 2023-2027 |
USD 95 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.1 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Baker Tilly International Ltd., BDO International Ltd., CBIZ Inc., CliftonLarsonAllen LLP, CohnReznick LLP, Crowe LLP, Deloitte Touche Tohmatsu Ltd., Eide Bailly LLP, Ernst and Young Global Ltd., Evelyn Partners Group Ltd., Grant Thornton International Ltd., JPMorgan Chase and Co., KPMG International Ltd., Mazars Group, Moore Global Network Ltd., Nexia International Ltd., Plante and Moran PLLC, PricewaterhouseCoopers LLP, Robert Half International Inc., and RSM International Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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