Overview and Scope
Auditing services are assurance services defined as examinations of evidence to provide an independent assessment of the organization’s governance, risk management, and control processes. Its purpose is to determine company’s financial statements and other business reporting accurately reflect the status of business events during a specific year.
Sizing and Forecast
The auditing services market size has grown strongly in recent years. It will grow from $226.82 billion in 2023 to $239.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to globalization of businesses, regulatory compliance requirements, increased complexity of financial transactions, public accountability and investor confidence, risk management needs, corporate governance practices.
The auditing services market size is expected to see steady growth in the next few years. It will grow to $290.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to cybersecurity audits, focus on eSig auditing, remote auditing solution, collaboration with internal audit teams, advanced data analytics and AI integration. Major trends in the forecast period include regulatory technology (regtech) adoption, integration with blockchain technology, advancements in technology, digital transformation in auditing, data privacy and confidentiality.
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Segmentation & Regional Insights
The auditing services market covered in this report is segmented –
1) By Type: Internal Audit, External Audit, Other Types
2) By Service: Operational Audits, Financial Audits, Advisory and Consulting, Investigation Audit, Other Services
3) By End-Use: Banking, Financial Services and Insurance (BFSI), Government, Manufacturing, Healthcare, Retail And Consumer, Information Technology (IT) And Communications
North America was the largest region in the global auditing services market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the auditing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing corporate spending on financial auditing and recording is expected to propel the growth of the auditing services market going forward. The growing corporate spending on financial auditing and recording refers to an increase in the proportion of money that corporations are spending on auditing and recording due to increased emphasis on financial transparency, regulatory compliance, and sound corporate governance practices. Auditing services help companies identify errors and fraud in financial statements, comply with laws and regulations, improve internal controls, and reduce risk. For instance, in November 2022, according to Harvard Law School, a US-based private research university, total auditing fees of companies reporting in a fiscal year reached $18.9 billion in 2021, with an increase of 3.3% from 2020, and the average amount that SEC (Securities and Exchange Commission) registrants paid for an audit service and average audit-related fees increased to $2.17 million and $0.23 million, respectively. In addition, average audit fees increased to $1.9 million and $2.9 million for US and foreign companies, respectively 2021. Therefore, the growing corporate spending on financial auditing and recording is driving the growth of the auditing services market.
Key Industry Players
Major companies operating in the auditing services market report are Deloitte, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Cooperative, BDO International Ltd., Baker Tilly US LLP, Nexia International Limited, CliftonLarsonAllen LLP, Moore Global Network Limited, RSM US LLP, Mazars Group, Grant Thornton LLP, FORVIS LLP, Crowe LLP, Moss Adams LLP, Plante Moran PLLC, Eide Bailly LLP, Sikich LLP, Marcum LLP, Armanino LLP, Wipfli LLP, EisnerAmper LLP, Rehmann LLC, Dixon Hughes Goodman LLP, UHY Advisors Inc., Schellman & Company LLC, Sensiba San Filippo LLP, Mayer Hoffman McCann P.C., Squar Milner LLP, Friedman LLP
The auditing services market report table of contents includes:
1. Executive Summary
2. Auditing Services Market Characteristics
3. Auditing Services Market Trends And Strategies
4. Auditing Services Market – Macro Economic Scenario
5. Global Auditing Services Market Size and Growth
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32. Global Auditing Services Market Competitive Benchmarking
33. Global Auditing Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Auditing Services Market
35. Auditing Services Market Future Outlook and Potential Analysis
36. Appendix
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