Financial Auditing Professional Services Market To Reach $308.0 Billion, Globally, By 2032 At 7.6% CAGR: Allied Market Research

(MENAFN- PR Newswire) 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.

Get Your Sample Report & TOC Today:

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

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

Purchase This Comprehensive 345-Page Report (PDF with Insights, Charts, Tables, and Figures) @

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.

Access Your Customized Sample Report & TOC Now:

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.

Get More Information Before Buying:

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)

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):

Embedded Finance Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

Supply Chain Finance Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Offering, by Provider, by Application, by End User: Global Opportunity Analysis and Industry Forecast, 2022-2031

Finance Cloud Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Component, Enterprise Size, Deployment Model and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

Microfinance Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Provider and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030

Trade Finance Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, Provider, Application and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030

Refinance Market
Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Lenders, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research
provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]

Logo:

SOURCE Allied Market Research

MENAFN30072024003732001241ID1108499097