Financial Auditing Professional Services Market Outlook Report 2024-2033 | Trends, Analysis, Insights, Overview

The financial auditing professional services market size has grown strongly in recent years. It will grow from $143.31 billion in 2023 to $153.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to regulatory compliance, globalization, corporate governance, financial scandals.

The financial auditing professional services market size is expected to see strong growth in the next few years. It will grow to $206.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to data security concerns, complex financial instruments, emerging markets, risk management, digital transformation. Major trends in the forecast period include technology integration, remote auditing, blockchain auditing, sustainability audits, continuous auditing, customized audit solutions.

Market Overview -
Financial auditing professional services refer to services that provide financial records of an organization and help the professionals with an accurate representation of the transactions. Financial auditing professional services are used to evaluate the financial statements of an organization.

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The Impact Of Rising Banking Fraud On The Financial Auditing Professional Services Market
Rising incidences of banking fraud are expected to propel the growth of the financial auditing professional services market going forward. 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. Therefore, the rising incidences of banking fraud are driving the financial auditing professional services market.

Competitive Landscape -
Major companies operating in the financial auditing professional services market report are Binder Dijker Otte (BDO) Global, Grant Thornton International Ltd, Ernst & Young (EY) Global Limited, Deloitte Touche Tohmatsu Limited, Mazars, Moore Stephens International Limited, KPMG International, Nexia International Limited, PricewaterhouseCoopers, RSM International Association, Grant Thornton LLP, Withum Smith+Brown PC, BF Borgers CPA PC, Moore Global, Crowe Global, Baker Tilly International, Marcum LLP, PKF International, UHY International, EisnerAmper LLP, Wipfli LLP, Reinsel Kuntz Lesher LLP, Armanino LLP, Plante Moran, Moss Adams LLP, CohnReznick LLP, Cherry Bekaert LLP, Dixon Hughes Goodman LLP, Eide Bailly LLP, CBIZ Mayer Hoffman McCann LLC

Strategic Partnerships In The Financial Auditing Professional Services Market
Strategic partnerships are a key trend gaining popularity in the financial auditing professional services market. Major market players are focusing their efforts on a partnership that will improve their products and service portfolios 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 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 into a strategic relationship with ServiceNow, a US-based software company, to provide improved finance and tax services.

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Key Segments -

The financial auditing professional services market covered in this report 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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