About Forensic - Audit
A forensic audit examines and evaluates a firm's or individual's monetary data to derive proof used in a court docket of regulation or felony proceeding. Forensic auditing is a specialization inside accounting, and most giant accounting companies have a forensic auditing department. Forensic audits require accounting and auditing strategies and professional expertise about the prison framework of such an audit. Forensic audits cowl an extensive vary of investigative activities. A forensic audit is regularly carried out to prosecute a birthday party for fraud, embezzlement, or different economic crimes. In the technique of a forensic audit, the auditor may additionally be referred to as to serve as a specialist witness for the duration of trial proceedings. Forensic audits may want to additionally contain conditions that do now not consist of economic fraud, such as disputes related to financial ruin filings, commercial enterprise closures, and divorces.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
CAGR | 6.5% |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing towards the production technologies, efficiency enhancement and product life. There is various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies. Analyst at AMA Research estimates that United Kingdom Players will contribute the maximum growth to Global Forensic - Audit 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.
PwC (United Kingdom), Ernst & Young Global Limited (United Kingdom), Deloitte Touche Tohmatsu Limited (United Kingdom), KPMG International (Netherlands), BDO Global (Belgium), FTI Consulting, Inc. (United States), Grant Thornton International Ltd. (United Kingdom), RSM International Ltd. (United Kingdom), Duff & Phelps, LLC (United States) and AlixPartners, LLP (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Carter Backer Winter LLP (United Kingdom), MDD Forensic Accountants (United Kingdom), Baker Tilly (United States) and Froese Forensic Partners (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Forensic - Audit market by , Application (Large Businesses, Government, Insurance Professionals and Small Businesses) and Region.
On the basis of geography, the market of Forensic - Audit 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 Investigation , the sub-segment i.e. Event and Data Analysis will boost the Forensic - Audit market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type, the sub-segment i.e. Financial Theft will boost the Forensic - Audit market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Financial Services will boost the Forensic - Audit market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Use of Social Media Analytics in Forensic Audits and Enabling Improved Governance and Conduct
Market Growth Drivers:
Public Private Collaboration
Challenges:
Use of Publicly Accessible Tools by Researchers
Restraints:
Lack of Technical Expertise and Skill Shortages
Opportunities:
Advent of Sophisticated Technologies
Market Leaders and their expansionary development strategies
In September 2023, Stout announced the acquisition of Torrey Partners, an economic, forensic accounting, and valuation services firm headquartered in San Diego, CA. For decades, Torrey Partners has provided expert analysis and discovery assistance throughout all phases of litigation, primarily in the areas of business, economic, marital dissolution, and intellectual property disputes.
In April 2023, The National Audit Office (NAO) launched the second phase of its training program "Capacity Building and Enhancing Skills and Expertise in Forensic Audit" in cooperation with Kroll. This forensic audit techniques, testimonies before courts and the Public Prosecution and studying fraud and risk indicators.
Key Target Audience
Market Research & Consultancy Firm, Potential Investors, Research & Development 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.