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Navigating Compliance: Evolution of the Financial Auditing Professional Services Market || Binder Dijker Otte (BDO) Global, Grant Thornton International Ltd., Ernst & Young (EY) Global Limited
Financial Auditing Professional Services Market
The Business Research Company's Financial Auditing Professional Services Global Market Report 2023 identifies the rising incidences of banking fraud arre the major driver for the financial auditing professional services market's growth in the forecast period. 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.
The global financial auditing professional services market size will grow from $136.25 billion in 2022 to $147.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global financial auditing professional services is expected to grow to $198.56 billion in 2027 at a CAGR of 7.7%.
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Major competitors 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.
A key trend in the financial auditing professional services market includes strategic partnerships. 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.
Read More On The Global Financial Auditing Professional Services Market Report Here: https://www.thebusinessresearchcompany.com/report/financial-auditing-professional-services-global-market-report
The financial auditing professional services market is segmented -
1) By Service: Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit, Due Diligence, Other Services
2) By Type: External Audit, Internal Audit
3) By End-Use: BFSI, Government, Manufacturing, Healthcare, Retail And Consumer, IT And Telecom, Other End-Uses
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the financial auditing professional services market.
The Business Research Company's "Global Financial Auditing Professional Services Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Financial Auditing Professional Services Market Include:
1. Executive Summary
2. Financial Auditing Professional Services Market Characteristic
3. Financial Auditing Professional Services Market Trends And Strategies
4. Financial Auditing Professional Services Market - Macro Economic Scenario
5. Financial Auditing Professional Services Market Size And Growth
……………
27. Financial Auditing Professional Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Financial Auditing Professional Services Market
29. Financial Auditing Professional Services Market Future Outlook And Potential Analysis
30. Appendix
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