Accounting & Auditing Market Expects To Reach US$ 379.05 Billion By 2032 At 5.7% CAGR

The worldwide accounting and auditing market is estimated at $217.74 billion in 2022 and is expected to grow at a 5.7% CAGR to $379.05 billion by the end of 2032.According to filings with the Securities and Exchange Commission (SEC), the average yearly audit fee for public businesses in the United States climbed from US$ 2.6 million in 2020 to US$ 2.8 million in 2021.

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Financial audits are primed for fast transformation as technology improves at an unprecedented rate, allowing firms to collect and analyze more data. Technology, along with the knowledge of today's certified auditors, enables audit experts to delve deeper into an organization's financial aspects and give insights that aid in making educated decisions.

Clients are asking auditors for particular observations and recommendations that might bring value, rather than just the traditional list of ideas, in addition to normal audit work. Audit businesses may provide complete services, such as detecting trends and alerting organizations to developing risks, with the use of technology.

Competitive Landscape:

The global accounting & auditing market is highly competitive owing to the top global players trying to gain market share through various strategies such as mergers & acquisitions, expansions, collaborations, and partnerships.

In June 2020, BDO USA, LLP acquired Piercy Bowler Taylor & Kern to expand its presence in Nevada and Utah.
In August 2022, Guidehouse, a leading global consulting provider, signed a definitive agreement to acquire Grant Thornton's Public Sector Advisory practice.

Key Players:
• Armanino LLP
• Baker Tilly US, LLP
• Binder Dijker Otte
• Citrin Cooperman
• Crowe Global
• Crowe LLP
• Deloitte Touche Tohmatsu Limited
• Ernst & Young Global Limited
• Evelyn Partners
• Grant Thornton LLP
• Haines Watts Group
• Johnston Carmichael
• Kearney & Company
• KPMG International
• Mazars
• MHA MacIntyre Hudson
• Moore Global
• PwC
• RSM US LLP
• UHY Hacker Young

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Regional Analysis:

Accounting and assurance services are the most important sources of revenue for most audit companies. Many US-based organizations are investigating ways to shorten the audit process in order to increase audit efficiency. This involves offshore, establishing lower-cost centers of excellence, outsourcing portions of the audit, and employing data technicians.

The anticipated increase in audit fees in the United States may lead to an increase in the expansion of the audit profession. Recent acquisitions of audit and accounting companies are adding to the expansion of the US industry.

The accounting and auditing industry in the United States is now valued at $79.76 billion and is anticipated to grow to $146.77 billion by 2032.

Key Segments of Industry:
• By Service Type :
o Financial Audits
o Capital Markets
o Corporate Reporting
o Actuarial Services
o Internal Audits
• By End-Use Industry :
o Consumer Markets
o Energy and Natural Resources
o Financial Services
o Government & Public Services
o Life Science & Healthcare
o Media & Telecommunications
o Technology

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This release was published on openPR.