WILMINGTON, Del., July 30,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Financial Auditing Professional
Services Market by Type (External Audit and Internal
Audit), Service (Due Diligence, Employee Benefit Plan Audit,
Financial Statement Audit and Others), and End Use (BFSI,
Government, Manufacturing, Healthcare, Retail & Consumer, IT
& Telecom, and Others): Global Opportunity Analysis and
Industry Forecast, 2024-2032". According to the report, the
financial auditing professional services market was valued at
$163.9 billion in 2023, and is
estimated to reach $308.0 billion by
2032, growing at a CAGR of 7.6% from 2024 to 2032.
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153 – Tables
60 – Charts
345 – Pages
Prime determinants of growth
The global financial auditing professional service market is
experiencing growth to several factors such as increasing market
complexity and growing need for auditing services to ensure
compliance and mitigate risks and regulatory requirements drive the
demand for auditing services to ensure financial transparency and
accountability. However, rise in incidences of banking
fraud is expected to propel the growth of the
financial auditing professional services market. Evolving
regulatory landscapes pose challenges is one of the challenges
faced by market and expanding services internationally and
addressing diverse markets offers auditing firms new growth
opportunities. By providing specialized audit services, such as ESG
data audits and cryptocurrency audits, auditors can
tap into emerging trends and meet specific client needs
globally.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$163.9
Billion
|
Market Size in
2032
|
$ 308.0
Billion
|
CAGR
|
7.8 %
|
No. of Pages in
Report
|
345
|
Segments
Covered
|
Type, Services, End
Use, And Region.
|
Drivers
|
• Increasing
Market Complexity of Auditing Firms
• Growing Need
For Auditing Services To Ensure Compliance And Mitigate
Risks
|
Opportunities
|
• For Auditing
Firms To Expand Their Services Internationally And Cater To Diverse
Markets.
• Offering
Specialized Audit Services, Such As ESG Data Audits Or
Cryptocurrency Audits, Presents New Growth Opportunities For
Auditors.
|
Restraint
|
Evolving Regulatory
Landscapes Pose Challenges
|
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Insights, Charts, Tables, and Figures) @
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Segment Highlights:
The internal audit segment held the highest market share in
2023
Based on type, the internal audit segment held the highest
market share in 2023, accounting for more than one third of the
financial auditing professional service market revenue. Internal
audits are conducted by individuals within the organization,
typically by an internal audit department, which focuses on
assessing and improving the effectiveness of internal controls,
risk management processes, and governance mechanisms. Internal
audits provide management and the board with insights into the
organization's operations and help identify areas for improvement.
Internal audits help strengthen internal controls and operational
efficiency, while external audits provide independent validation of
financial reporting accuracy.
The financial statements audit segment is expected to
dominate during the forecast period.
Financial statement audits are independent examinations of an
organization's financial statements to provide assurance on their
accuracy and fairness. These audits are typically conducted
annually and are often required by regulatory bodies, lenders,
investors, or other stakeholders. Financial statement audits help
enhance the credibility and reliability of financial information
presented by the organization. This service is best suited for
organizations that need to provide assurance to external
stakeholders regarding the reliability of their financial
reporting.
The government segment is expected to dominate during the
forecast period.
In the government sector, financial auditing professional
services are crucial for ensuring accountability, transparency, and
proper use of public funds. These services help government entities
comply with budgetary constraints, fiscal policies, and regulatory
requirements. Financial audits assess the accuracy of financial
reporting, identify areas of potential fraud or
mismanagement, and provide recommendations for improving financial
controls and operational efficiency. However, financial auditing
professional services play a vital role in maintaining the
integrity of government finances and fostering public trust in the
administration of public resources.
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Asia-Pacific to maintain its
dominance by 2032.
Asia-Pacific is expected to
grow at the fastest rate during the forecast period.
To meet the rapidly increasing regional demand, a number of
multinational corporations (MNCs) have opened subsidiaries in
growing economies like China and
India in the past ten years. Also,
there has been a significant growth in foreign direct investment
(FDI) , which has caused businesses to concentrate on adhering to
several rules.
Players: -
- Deloitte Touche Tohmatsu Limited
- KPMG International
- Ernst & Young (EY)
- Grant Thornton International Ltd.
- Binder Dijker Otte (BDO) Global
- RSM International Association
- Mazars
- Nexia International Limited
- Moore Stephens International Limited
The report provides a detailed analysis of these key players in
the global financial auditing professional service market. These
players have adopted different strategies such as new product
launches, collaborations, expansion, joint ventures, agreements,
and others to increase their market share and maintain dominant
shares in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
- In November 2022, Wipro launched
a new financial services advisory capability in India in collaboration with Capco, its
subsidiary based in Mumbai. This
initiative aims to offer end-to-end transformation services to the
Indian financial services sector, providing strategic advisory and
consulting capabilities to firms undergoing digitization. The
partnership between Wipro and Capco leverages Capco's financial
services consulting expertise to accelerate clients' transformation
journeys, enhancing the industry's innovation phase. Lance Levy, CEO of Capco and Executive Sponsor
of Wipro's Financial Services business, highlighted the combination
of Capco's domain expertise in digital banking, insurance, data
transformation, automation, and cybersecurity with Wipro's scale
and delivery capabilities to deliver a dynamic and comprehensive
transformational experience for clients.
- In May 2022, PlainID, an
Israel-based authorization company
that provides authorization and policy-based access solutions,
entered a strategic partnership with PwC, a UK-based professional
services company, to revolutionize financial services. Similarly,
in December 2021, Ernst & Young
(EY) Global Limited, a UK-based company engaged in providing
assurance, consulting, tax, and transaction services, entered a
strategic relationship with ServiceNow, a U.S.-based software
company, to provide improved finance and tax services.
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Financial Auditing Professional Services Market Key
Segments:
By Type
- External Audit
- Internal Audit
By Service
- Due Diligence
- Employee Benefit Plan Audit
- Financial Statement Audit
- Others
By End Use
- BFSI
- Government
- Manufacturing
- Healthcare
- Retail & Consumer
- IT & Telecom
- Others
By Region
- North America (U.S.,
Canada, Mexico)
- Europe (France, Germany, Italy, Spain,
UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan,
India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi
Arabia, UAE, Argentina,
Rest of LAMEA)
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