Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Financial Auditing Professional Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global financial auditing professional services market grew from $136.25 billion in 2022 to $147.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The financial auditing professional services market is expected to grow to $198.56 billion in 2027 at a CAGR of 7.7%.
Major players in the financial auditing professional services market are Binder Dijker Otte (BDO) Global, Grant Thornton International Ltd., Ernst & Young (EY) Global Limited, Deloitte Touche Tohmatsu Limited, Mazars, Moore Stephens International Limited, KPMG International, Nexia International Limited, PricewaterhouseCoopers, Moore Global, Deloitte, Grant Thornton LLP, Withum Smith+Brown PC, and BF Borgers CPA PC.
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Financial auditing professional services refer to services that provide financial records of an organization and help the professionals with an accurate representation of the transactions. Financial auditing professional services are used to evaluate the financial statements of an organization.
The main services of financial auditing professional services are employee benefit plan audit, service organization control (SOC) audit, financial statement audit, due diligence, and other services. An employee benefit plan audit is used to safeguard the financial integrity of the plan to provide health, retirement, and other associated benefits to participants over the term of payments. The types include external audits and internal audits. BFSI, government, manufacturing, healthcare, retail and consumer, IT and telecom, and other end-users use these.
The financial auditing professional services market research report is one of a series of new reports that provides financial auditing professional services market statistics, including financial auditing professional services industry global market size, regional shares, competitors with a financial auditing professional services market share, detailed financial auditing professional services market segments, market trends and opportunities, and any further data you may need to thrive in the financial auditing professional services industry.
This financial auditing professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Strategic partnerships are a key trend gaining popularity in the financial auditing professional services market. Major market players are focusing their efforts on a partnership that will improve their products and service portfolio in the future.
For instance, in May 2022, PlainID, an Israel-based authorization company that provides authorization and policy-based access solutions, entered into a strategic partnership with PwC, a UK-based professional services company, to revolutionise 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 into a strategic relationship with ServiceNow, a US-based software company, to provide improved finance and tax services.
In May 2022, RSM Brazil, a Brazil-based leading audit, accounting, tax, and consulting company, merged with Pemom. With the merger, Pemom is expected to enhance RSM Brazil's already strong audit, tax, HR, and employment solutions; real estate credentials; as well as its risk advisory services; and also help in strengthening RSM's footprint in Brazil. Pemom is a Brazil-based audit and consulting firm operating in the financial auditing professional services market.
North America was the largest region in the financial auditing professional services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this financial auditing professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the financial auditing professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Rising incidences of banking fraud are expected to propel the growth of the financial auditing professional services market going forward. Fraud refers to the act of intentionally deceiving a system to gain access to information or deny another individual their rights. Financial auditing professional services help reduce bank fraud, such as requesting higher payment or reimbursement for services by preventing misreporting and managing risks.
For instance, according to the Reserve Bank of India Annual Report 2021-2022, India's central bank and regulatory body responsible for the regulation of the Indian banking system, total fraud cases reported by banks and other financial institutions increased by 23.69% and the fraud cases increased from 7,359 in 2020-21 to 9,103 in 2022. Therefore, the rising incidences of banking fraud are driving the financial auditing professional services market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $147.42 billion |
| Forecasted Market Value (USD) by 2027 | $198.56 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Financial Auditing Professional Services Market Characteristics
3. Financial Auditing Professional Services Market Trends And Strategies
4. Financial Auditing Professional Services Market - Macro Economic Scenario
4.1. COVID-19 Impact On Financial Auditing Professional Services Market
4.2. Ukraine-Russia War Impact On Financial Auditing Professional Services Market
4.3. Impact Of High Inflation On Financial Auditing Professional Services Market
5. Financial Auditing Professional Services Market Size And Growth
5.1. Global Financial Auditing Professional Services Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Financial Auditing Professional Services Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Financial Auditing Professional Services Market Segmentation
6.1. Global Financial Auditing Professional Services Market, Segmentation By Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Employee Benefit Plan Audit
- Service Organization Control (SOC) Audit
- Financial Statement Audit
- Due Diligence
- Other Services
6.2. Global Financial Auditing Professional Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- External Audit
- Internal Audit
6.3. Global Financial Auditing Professional Services Market, Segmentation By End-Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- BFSI
- Government
- Manufacturing
- Healthcare
- Retail And Consumer
- IT And Telecom
- Other End-Uses
7. Financial Auditing Professional Services Market Regional And Country Analysis
7.1. Global Financial Auditing Professional Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Financial Auditing Professional Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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