PUBLISHER: The Business Research Company | PRODUCT CODE: 1648830
PUBLISHER: The Business Research Company | PRODUCT CODE: 1648830
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.
The main services of financial auditing professional services are employee benefit plan audit, service organization control (SOC) audit, financial statement audit, due diligence, and other services. An employee benefit plan audit is used to safeguard the financial integrity of the plan to provide health, retirement, and other associated benefits to participants over the term of payments. The types include external audits and internal audits. BFSI, government, manufacturing, healthcare, retail and consumer, IT and telecom, and other end-users use these.
The financial auditing professional services market research report is one of a series of new reports from The Business Research Company that provides financial auditing professional services market statistics, including financial auditing professional services industry global market size, regional shares, competitors with a financial auditing professional services market share, detailed financial auditing professional services market segments, market trends and opportunities, and any further data you may need to thrive in the financial auditing professional services industry. This financial auditing professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The financial auditing professional services market size has grown strongly in recent years. It will grow from $152.61 billion in 2024 to $163.43 billion in 2025 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 $225.71 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. 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.
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.
The increasing corporate expenditure on auditing and recording is anticipated to boost the growth of the financial auditing professional services market in the future. This rise in spending on financial auditing and recording reflects a higher allocation of funds by corporations, driven by a heightened focus on financial transparency, regulatory compliance, and robust corporate governance practices. Financial auditing services enable companies to detect errors and fraud in financial statements, adhere to legal requirements, enhance internal controls, and mitigate risks. For example, in November 2022, Harvard Law School reported that auditing fees in the U.S. totaled $18.9 billion, representing a 3.3% increase from the previous year. Additionally, the average expenditure on audit services for SEC registrants rose to $2.17 million, while the average fees related to auditing reached $0.23 million. Consequently, the rising corporate spending on auditing and recording is fueling the growth of the financial auditing professional services market.
Strategic partnerships are an emerging trend gaining traction in the financial auditing professional services market. Key players in the market are concentrating on forming alliances that will enhance their product and service offerings in the future. For example, in May 2022, PlainID, an Israel-based authorization company specializing in authorization and policy-based access solutions, established a strategic partnership with PwC, a professional services firm based in the UK, aimed at transforming financial services. This collaboration with PwC is intended to improve the security and efficiency of financial services by incorporating PlainID's advanced authorization capabilities into PwC's consulting frameworks.
Major companies operating in the financial auditing professional services market are developing AI-based audit tools such as ClaimPilot to increase revenue and gain a competitive advantage. ClaimPilot is an innovative healthcare audit automation tool designed to streamline the auditing process for complex claims, particularly in-patient and facility claims, by increasing audit efficiency and eliminating claim value restrictions. For instance, in July 2023, Codoxo, a US-based healthcare technology company, launched ClaimPilot, aimed at automating claim audits within the healthcare industry. This product addresses a critical need for healthcare companies by streamlining the auditing process for complex in-patient and facility claims, which account for a significant portion of healthcare costs. ClaimPilot enhances audit turnaround times and daily clinician audits while removing constraints associated with claim value thresholds. Codoxo also plans to integrate ClaimPilot with its suite of AI products, providing comprehensive support for the entire payment integrity lifecycle.
In May 2022, RSM Brazil, a Brazil-based leading audit, accounting, tax, and consulting company, merged with Pemom. With the merger, Pemom is expected to enhance RSM Brazil's already strong audit, tax, HR, and employment solutions; real estate credentials; as well as its risk advisory services; and also help in strengthening RSM's footprint in Brazil. Pemom is a Brazil-based audit and consulting firm operating in the financial auditing professional services market.
Major companies operating in the financial auditing professional services market include 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, 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
North America was the largest region in the financial auditing professional services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial auditing professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the financial auditing professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The financial auditing professional services market includes revenues earned by entities by providing financial auditing professional services including organization control (SOC) audit such as SOC 1, SOC 2, SOC 3, and SOC for cybersecurity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Financial Auditing Professional Services Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on financial auditing professional services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for financial auditing professional services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The financial auditing professional services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.