About Financial Auditing Service
Financial Auditing services examine an objective and evaluate the financial statement of an organization. The main aim of financial auditing services is to make sure that the financial records are fair and accurate representation of the transactions they claim to represent. These financial audits can be conducted intentionally by an employee of an organization or externally by an outside Certified Public Accountant (CPA). All organizations received this financial audit statement yearly. These audit statements consist of income statements, balance sheet or cash flow statements. Lenders often require the results of an external audit annually as part of their debt covenants. Audits are a legal requirement due to the compelling incentives to intentionally misstate financial information in an attempt to commit fraud. Financial audit services provide assurance that management has presented a true and fair view of a company’s financial performance and position in accordance with well-defined rules and procedures. For a buyer to make a well-informed investment decision, however, he/she should understand that an audit is a complement to, rather than a substitute for, a specifically tailored financial due diligence investigation of the investment target.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
The market for Financial auditing Service is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as innovation and using various marketing strategies to gain a higher market share. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Auditing Service market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ernst & Young Global Limited (United Kingdom), Deloitte (United Kingdom), Pricewaterhouse Coopers (United Kingdom), RSM (United Kingdom), KPMG (Netherlands), Marcum LLP (United States), Grant Thornton (United States), Crowe Global (United States), Withum (United States), Bf Borgers (United States) and BDO Global (Belgium) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are AJSH And Co LLP (India), Harshwal Consulting Services LLP (India), Baker Tilly (United States), Grant Thornton LLP (United States) and Nexia International (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Financial Auditing Service market by Type (External Audit, Internal Audit and Internal Revenue Services (IRS) Audits), Application (Plan the Audit and A Framework) and Region.
On the basis of geography, the market of Financial Auditing Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. Small and Medium-sized Enterprises (SME’s) will boost the Financial Auditing Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industrial Vertical, the sub-segment i.e. BFSI (Banking Financial and Service Industries) will boost the Financial Auditing Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Audit Assurance will boost the Financial Auditing Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Cryptocurrencies Like Bitcoin and Others Going Mainstream, Uses Of Artificial Intelligence and Advanced Analytics Tools, Rapid Adoption of Automation and Cognitive Technologies and Increasing Use of Alternative Staffing Models.
Market Growth Drivers:
Industrialization helps Financial Auditing Service Providers, Investors Investing Cash in A Big Organization and Tax Related Activities of An Individual or Firms
Challenges:
Fraudulent Activities, Regardless of Intent Identification and Lack of Professional Skilled Employees
Restraints:
Providing Fraud Financial Statements
Opportunities:
Growth In Fintech and Banking Sectors and Rising Numbers of Audit Firms in develop region
Market Leaders and their expansionary development strategies
In March 2022, Accounting and Consulting Firm Crowe LLP Has Launched a Platform to Engage and Connect Healthcare Professionals. Crowe Hive Is a Social Network for Healthcare Professionals Across All Functions of The Industry – From Revenue Cycle to Finance to Internal Audit. “The Crowe Hive Is an Exclusive and Secure Social Network That Gives Healthcare Executives Across the Country Access to Their Industry Peers to Solve Critical Issues and Brainstorm Ideas In A Way That General Social Networks Weren't Set Up To Do” Said Andrew Holloway, Managing Director At Crowe.
The Regulation of Professional Accountants in The United States Is Primarily Carried Out by The State Boards of Accountancy, Which Coordinate Through the National Association of State Boards of Accountancy (NASBA), And the Public Company Accounting Oversight Board (PCAOB) For Firms Auditing Public Business Entities. The Professional Accountancy Organizations—The American Institute of Certified Public Accountants (AICPA) And the Institute of Management Accountants (IMA)—Each Have Self-Regulatory Practices for Their Respective Members.
Key Target Audience
Financial Audit Service Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.