Financial Auditing Professional Services Market Set to Reach $308 Billion Worldwide by 2032 at 7.6% CAGR

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.

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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.

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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.

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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.

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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)

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