Forensic Audit Market - AI and Blockchain Technology Are Major Trends In The Industry

The forensic audit services market consists of sales of forensic audit services by entities (organizations, sole traders and partnerships) that apply auditing and investigative skills to situations that may have legal implications. A forensic audit is an examination and evaluation of a firm's or individual’s financial, compliance, background information and other types of information for use as evidence in a court of law or legal proceedings.

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The Forensic Audit market is is expected to grow at a CAGR of around 7% to nearly $15 billion by 2022.

Growth in the historic period resulted from increased fraudulent activities and governments’ scrutiny. Going forward, public private collaborations and technological development will drive the growth. Factors that negatively affected growth in the historic period were stringent government policies and political and social instability. Factors that could hinder the growth of this market in future are a skills shortage and the emergence of in-house audit teams.

The Forensic Audit market is relatively fragmented, with the top eight competitors making up about 28% of the total market in 2018. Players in the market include EY, Deloitte Touche Tohmatsu, PWC, KPMG, Grant Thornton.

Use Of Artificial Intelligence in Detecting Frauds - Forensic audit companies are increasingly using artificial intelligence (AI) as a tool to detect frauds and corruption. AI is an area of computer science which trains machines to perform complex tasks. It is embedded into the framework of auditing processes to help forensic auditors in tackling big data, identifying frauds and making decisions Blockchain Technology To Transform Forensic Audit Services - Use of Blockchain technology is expected to gain traction in the forensic audit industry in the future for tracking doubtful transactions. Blockchain is a distributed ledger system in the form of a decentralized database that stores linked records.

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