Forensic Auditing Market by Investigation Type, End-use Industry

List of Tables

[198 Pages Report] The Forensic Auditing Market size was estimated at USD 18.70 billion in 2023 and expected to reach USD 20.11 billion in 2024, at a CAGR 8.13% to reach USD 32.33 billion by 2030.

Forensic auditing focuses on gathering evidence and analyzing financial records to detect fraud, conflicts of interest, embezzlement, and other illegal activities or discrepancies. It involves using investigative techniques such as interviews, document reviews, and tracing transactions to identify potential issues with the accuracy and reliability of an organization's financial statements. The rising incidences of cybercrimes and frauds in financial institutions are accelerating the adoption of forensic auditing services to uncover criminal behavior such as embezzlement. However, the high cost and ethical issues associated with forensic auditing may adversely impact the use of forensic auditing services. Moreover, the integration of accounting, auditing, and investigative skills with innovative technologies is expected to encourage the adoption of forensic auditing services by the end-use sectors worldwide.

KEY MARKET STATISTICS
Base Year [2023]	USD 18.70 billion
Estimated Year [2024]	USD 20.11 billion
Forecast Year [2030]	USD 32.33 billion
CAGR (%)	8.13%

Investing Type: Growing usage of cross-border investigations to identify any potential criminal activity

Accounting malpractice & securities investigations involve uncovering and assessing fraud, misstatements, or misconduct related to account books and financial statements. These investigations commonly focus on fraud, hidden assets, inflated profits, employee embezzlement, bribery/kickbacks, insider trading, accounting irregularities, money laundering, or other white-collar crimes. Corruption & bribery investigations are conducted to identify any possible illegal activities by individuals or corporations in exchange for some form of personal benefit. These investigations involve analyzing documents, collecting evidence from witnesses, and tracing funds flows to determine who is behind such activities. Cross-border investigations are designed to identify any potential criminal activity that may have taken place across international borders. Investigators need to evaluate the evidence against various regulatory frameworks, including anti-money laundering (AML) controls and sanctions compliance. Event & data analytics are used to gather information to detect suspicious activity or uncover potentially fraudulent behavior. Regulatory investigations aim to identify violations of established standards by examining a company's financial records or internal policies or procedures.

End-User: Growing potential of forensic auditing across the healthcare industry to ensure accuracy in patient billing processes

Forensic auditing helps to ensure that the financial statements and reports of companies in this sector reflect transparency of their assets, liabilities, and results of operations. Auditors can help identify potentially misleading or erroneous information on financial statements and detect fraud and compliance issues. In the healthcare industry, auditing services ensure accuracy in patient billing processes and medical records maintenance and identify areas for cost savings. Auditors can determine if any misbilling or overcharging is occurring and review existing contracts with vendors and suppliers for potential discrepancies. Manufacturing companies employ forensic auditing services to ensure quality control throughout production. Mining companies use forensic audit services to evaluate mineral reserves estimates, assess exploration costs, review environmental protection practices, verify royalty payment compliance, identify operational errors, and evaluate retirement benefit plans. Oil & gas companies use auditing services for various purposes, including confirming oil & gas reserves estimates, analyzing pricing structures for sales contracts between buyers & sellers, and validating the accuracy & integrity of employee records related to labor relations & safety regulations.

Regional Insights

The forensic auditing market is evolving in the Americas owing to the presence of well-established banks, technology companies, and healthcare organizations and the growing need to mitigate financial fraud. The growing need to comply with the standards implemented by the regional government and the presence of imminent forensic providers are proliferating the growth of the forensic services market in the APAC region. The vast presence of oil & gas, manufacturing, and healthcare sectors in the EMEA region is expanding the use of forensic auditing services. Additionally, the adoption of innovative digital solutions by forensic auditing service providers is expected to assist the end-use sectors in generating evidence-based data and mitigate fraud.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Forensic Auditing Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Forensic Auditing Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Forensic Auditing Market, highlighting leading vendors and their innovative profiles. These include AlixPartners, LLP, Alvarez & Marsal Holdings, LLC., Aon PLC, Baker Tilly US, LLP, BDO International Limited, Berkeley Research Group, LLC, Control Risks Group Holdings Ltd, CRA International, Inc., Crowe LLP, Deloitte Touche Tohmatsu Limited, Eide Bailly LLP, Eisner Advisory Group LLC, Ernst & Young Global Limited, FTI Consulting, Inc.,, GHD Advisory, Grant Thornton International Ltd, HKA Global, KPMG International Limited, Kroll, LLC., Navigant Consulting, Inc., PKF O'Connor Davies LLP, PricewaterhouseCoopers International Limited, Protiviti Inc. by Robert Half International Inc., and RSM International Ltd..

Market Segmentation & Coverage

This research report categorizes the Forensic Auditing Market to forecast the revenues and analyze trends in each of the following sub-markets:

Investigation Type
- Accounting Malpractice & Securities Investigations
- Corruption & Bribery Investigation
- Cross Border Investigations
- Event & Data Analytics
- Regulatory Investigations

End-use Industry
- Financial Services
- Healthcare
- Manufacturing
- Mining
- Oil & Gas

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Forensic Auditing Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Forensic Auditing Market?

3. What are the technology trends and regulatory frameworks in the Forensic Auditing Market?

4. What is the market share of the leading vendors in the Forensic Auditing Market?

5. Which modes and strategic moves are suitable for entering the Forensic Auditing Market?

Product Code: MRR-F631A9C13122

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Significant growth in financial fraud and claim cases
  - 5.1.1.2. Growing adoption in banks and financial services worldwide to mitigate fraud
  - 5.1.1.3. Governmental rules and regulations associated with forensic auditing services
- 5.1.2. Restraints
  - 5.1.2.1. High cost of forensic auditing services
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of social media analytics for fraud detection
  - 5.1.3.2. Growing investments for incorporation of forensic auditing across large enterprises
- 5.1.4. Challenges
  - 5.1.4.1. Ethical issues and time-consuming auditing procedures
5.2. Market Segmentation Analysis
- 5.2.1. Investing Type: Growing usage of cross-border investigations to identify any potential criminal activity
- 5.2.2. End-User: Growing potential of forensic auditing across the healthcare industry to ensure accuracy in patient billing processes
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Forensic Auditing Market, by Investigation Type

6.1. Introduction
6.2. Accounting Malpractice & Securities Investigations
6.3. Corruption & Bribery Investigation
6.4. Cross Border Investigations
6.5. Event & Data Analytics
6.6. Regulatory Investigations

7. Forensic Auditing Market, by End-use Industry

7.1. Introduction
7.2. Financial Services
7.3. Healthcare
7.4. Manufacturing
7.5. Mining
7.6. Oil & Gas

8. Americas Forensic Auditing Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Forensic Auditing Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Forensic Auditing Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Forensic Risk Alliances announces partnership with TRM Labs
- 11.3.2. Davies launches new forensic accounting services
- 11.3.3. EY Forensics and Integrity Services launches learning-as-a-service in ethics and compliance
11.4. Strategy Analysis & Recommendation

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio