Global Financial Auditing Professional Services
Market Report
2024
the global financial auditing professional services market was estimated at USD 185.9 billion in 2022 and will to grow at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global financial auditing professional services market was estimated at USD 185.9 billion in 2022 and will to grow at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Financial Auditing Professional Services Market Sales Revenue 2023 | $ 185.9 Billion |
Global Financial Auditing Professional Services Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.5% |
Market Split by Type |
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Market Split by End-User |
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Market Split by Systems |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Financial Auditing Professional Services Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The financial auditing professional services industry encompasses a comprehensive range of expert solutions designed to verify and validate financial statements, ensuring accuracy, transparency, and compliance with evolving regulatory standards. This market addresses the critical need for independent assessment of financial data to instill confidence in stakeholders, including investors, shareholders, regulators, and the public. Financial auditing services are important for finance, healthcare, technology, manufacturing, and more industries, where intricate financial transactions and reporting requirements demand meticulous scrutiny. These services extend beyond traditional financial reporting to include specialized areas such as risk management, internal controls assessment, and Environmental, Social, & Governance (ESG) auditing, responding to the increasing emphasis on sustainability and ethical practices.
Furthermore, strategic collaborations are a crucial trend gaining traction in the financial auditing professional services market. Major market players are concentrating on a future alliance to strengthen their product and service offerings.
(Source: www.rsm.global/global-news/merger-strengthens-rsms-footprint-brazil)
Regulatory Compliance Requirements Across Multiple End-Use Sectors to Deliver Viable Market Output
One of the primary drivers in the global financial auditing professional services market is the increasing stringency of regulatory compliance requirements. Governments and regulatory bodies continually update financial reporting standards, accounting practices, and tax regulations to enhance transparency, accountability, and investor protection. Organizations must comply with these evolving standards, driving the demand for specialized financial auditing services to assure accurate reporting and adherence to legal requirements. Professional auditing firms play a pivotal role in helping businesses navigate complex regulatory landscapes, reduce the risk of non-compliance penalties, and maintain the confidence of stakeholders. Moreover, escalating financial frauds, misreporting, and manipulation of critical financial figures in the organization are expected to supplement the financial auditing professional services industry advancement by the end of 2032.
According to Federal Trade Commission (FTC) data, American customers lost over USD 5.8 billion to fraud in 2021, a 70% rise from the previous year, 2020.
The evolving and complex regulatory environment is one significant restraint in the global financial auditing professional services market. The financial services sector is subject to several rules and reporting criteria that vary by location and industry. Frequent regulation changes, such as accounting standards and tax codes, can challenge auditing firms to ensure compliance and accuracy in financial statements. Moreover, the intricate nature of financial instruments and transactions, coupled with the global interconnectedness of businesses, adds layers of complexity to auditing processes. Adapting to changing regulations while maintaining a high level of accuracy requires continuous training, upskilling, and monitoring, which can strain resources and impact efficiency.
The COVID-19 pandemic has strongly impacted the financial auditing professional services market, introducing unprecedented challenges and demand shifts. The economic disruptions caused by the pandemic led to heightened financial uncertainties, prompting businesses to seek more rigorous and transparent financial reporting and auditing to maintain investor confidence and regulatory compliance. Remote work arrangements and restrictions on travel also altered the way auditing firms conducted their services, emphasizing the need for digital transformation and remote auditing capabilities. Besides, industries hit hardest by the pandemic, such as hospitality and travel, required specialized financial auditing services to navigate financial distress and access government aid.
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The global financial auditing professional services industry is characterized by diverse organizations offering a complete range of auditing solutions to handle the growing complexity of financial rules and reporting requirements. Leading firms in this industry offer specialized expertise in financial auditing, internal controls assessment, risk management, and compliance. These companies frequently have a global presence and serve clients in banking, healthcare, technology, and manufacturing. Collaborations with technology vendors and investments in advanced data analytics and automation allow them to provide more efficient and accurate auditing services.
(Source: www.prnewswire.com/il/news-releases/plainid-announces-strategic-alliance-with-pwc-301551563.html)
Top Companies Market Share in Financial Auditing Professional Services Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the global market in 2022 and accounted for a share of more than 42% of the global revenue. North America is home to some of the world's largest financial markets, including the U.S. and Canada, which host a multitude of multinational corporations, financial institutions, and investment firms. The region's well-established regulatory frameworks, such as the GAAP (Generally Accepted Accounting Principles) in the U.S. and the International Financial Reporting Standards (IFRS) in Canada, emphasize the importance of transparent financial reporting. This emphasis on compliance drives the need for thorough financial audits to validate the accuracy and integrity of financial statements.
According to Cognitive Market Research, the U.S. is expected to achieve the fastest growth rate within the financial auditing professional services market during the projected period. The U.S. economy is the world's largest and is characterized by its dynamic and diverse industries, including technology, finance, healthcare, manufacturing, and more. These industries drive the demand for expert financial auditing services to ensure accurate financial reporting, compliance with regulatory standards, and effective risk management.
The region is witnessing robust economic growth and industrial expansion, resulting in a burgeoning number of businesses across various sectors. As these industries mature and operate in a globalized marketplace, the demand for accurate financial reporting, regulatory compliance, and risk management escalates, driving the need for expert financial auditing services
The current report Scope analyzes Financial Auditing Professional Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Financial Auditing Professional Services Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Financial Auditing Professional Services Industry growth. Financial Auditing Professional Services market has been segmented with the help of its Type, End-User Systems, and others. Financial Auditing Professional Services market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, external audits represent the most commonly employed category within the global financial auditing professional services market. These audits involve independent, third-party assessments of an organization's financial statements, records, and transactions to ensure accuracy, reliability, and compliance with relevant accounting standards and regulatory requirements. External audits play a crucial role in enhancing the credibility of financial information companies present to stakeholders, including investors, shareholders, regulators, and the public.
The internal audit segment is expected to grow faster throughout the projection period as organizations focus on effectively controlling fraud risks, preserving business interests, and improving company performance. Internal audits provide real-time insights, enabling companies to streamline processes, enhance governance, and ensure compliance. In addition, the rise of technology-driven audit methodologies and data analytics empowers internal auditors to conduct more comprehensive and efficient assessments.
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According to Cognitive Market Research, the BFSI end-use segment leads the global financial auditing professional services market. The BFSI sector operates in a highly regulated environment with intricate financial transactions, stringent reporting requirements, and heightened risk management demands. The dynamic nature of the BFSI industry, with frequent mergers, acquisitions, and regulatory changes, necessitates thorough financial due diligence and accurate valuation.
On the other hand, the healthcare segment emerges as the fastest-growing market segment. The ongoing technological advancements in healthcare, such as electronic health records and telemedicine, have introduced complexities in financial operations. Auditing services are critical in ensuring that financial transactions related to these technologies are accurately recorded and aligned with regulatory guidelines.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Financial Auditing Professional Services market report 2024 Edition by contacting our team.
Financial statement audits are a fundamental requirement for businesses to assure the accuracy and reliability of their financial reports, instilling confidence in stakeholders such as investors, lenders, and regulatory bodies. This service category addresses the essential need for independent verification of financial data, particularly in an era where transparency and accountability are paramount.
According to Cognitive Market Research, the service organization control (SOC) audit is the second-most popular service. SOC audits are a reliable benchmark for service providers to showcase their commitment to security and operational excellence. Organizations seeking to differentiate themselves in the market can undergo SOC audits to build trust with clients and partners
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Financial Auditing Professional Services Market is witnessing significant growth in the near future.
In 2023, the External Audit segment accounted for noticeable share of global Financial Auditing Professional Services Market and is projected to experience significant growth in the near future.
The BFSI segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Ernst & Young Pvt Ltd (U.K.) , RSM International Association (U.K.) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Technology and data analytics use in auditing processes is a prominent development in the financial auditing professional services market. Auditing businesses are utilizing new tools and software to analyze massive financial data efficiently.
Disclaimer:
Type | External Audit, Internal Audit |
End-User | BFSI, Government, Manufacturing, Healthcare, Retail & Consumer, IT & Telecom, Others |
Systems | Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit, Due Diligence, Others |
List of Competitors | Ernst & Young Pvt Ltd (U.K.), Deloitte (U.K.), RSM International Association (U.K.), PwC (U.K.), Moore Stephens International Ltd (Moore Global) (U.K.), KPMG Inc (Netherlands), Mazars (France), BDO Global (Belgium), Nexia International Limited (U.K.), Grant Thornton Bharat LLP (U.S.), Rodl & Partner (U.S.) |
This chapter will help you gain GLOBAL Market Analysis of Financial Auditing Professional Services. Further deep in this chapter, you will be able to review Global Financial Auditing Professional Services Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Financial Auditing Professional Services Market Trends North America Financial Auditing Professional Services Technological Road Map North America Financial Auditing Professional Services Market Drivers North America Financial Auditing Professional Services Market Restraints North America Financial Auditing Professional Services Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by End-User Analysis 2019 -2031
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Chapter 12 Market Split by Systems Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Financial Auditing Professional Services market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why External Audit have a significant impact on Financial Auditing Professional Services market? |
What are the key factors affecting the External Audit and Internal Audit of Financial Auditing Professional Services Market? |
What is the CAGR/Growth Rate of BFSI during the forecast period? |
By type, which segment accounted for largest share of the global Financial Auditing Professional Services Market? |
Which region is expected to dominate the global Financial Auditing Professional Services Market within the forecast period? |
Segmentation Level Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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