Auditing Services Market by Type (External Audit, Internal Audit), Service line (Advisory & Consulting, Compliance Audit, Environmental & Social Audit Services) - Global Forecast 2024-2030

Auditing Services Market by Type (External Audit, Internal Audit), Service line (Advisory & Consulting, Compliance Audit, Environmental & Social Audit Services) - Global Forecast 2024-2030

The Auditing Services Market size was estimated at USD 260.86 billion in 2023 and expected to reach USD 278.10 billion in 2024, at a CAGR 6.70% to reach USD 410.81 billion by 2030.

An auditing service is a systematic review and evaluation of a company's financial records, processes, and internal controls to ensure accuracy, adherence to standards, and regulatory compliance. These essential services are performed by licensed and professional auditors who formulate objective judgments based on thorough inspections and verifications. The results drawn from such audits then provide valuable feedback for organizations to enhance sound financial management and risk mitigation. Increasing demand for auditing services across various industries and growing corporate spending on financial auditing and recording are driving market growth. Moreover, there are increasing regulations in the disclosure and recording of financial records. Delays in obtaining audit information, quality issues of data, complex regulatory requirements, and lack of talent hamper the market expansion. Technological advancements in artificial intelligence (AI), machine learning (ML), and data analytics have great potential to revolutionize auditing processes. In addition, the popularity of environmental audits to meet government sustainability goals is also expected to create growth opportunities in the market.

Regional Insights

The reliance on auditing services remains robust in the Americas, specifically the United States and Canada. Studies have shown increased investment in auditing services due to stringent regulations and financial transparency policies. The Sarbanes-Oxley Act initiated by the US has emphasized the importance of regular auditing and has driven consumer demand in recent years. In the EMEA region, compliance requirements and the need for transparency have led to a steady rise in the demand for auditing services. In Europe, regulatory changes brought on by the European Union have underlined the criticality of independent, quality auditing. The Middle East has seen an increasing demand for auditing services due to a strong emphasis on corporate governance and anti-corruption laws. Additionally, Africa has seen steady growth in auditing, driven by more stringent financial controls and corporate governance regulations. The Asia Pacific region, including dominant economies such as China, Japan, and India, has witnessed significant growth in auditing services due to the proliferation of small-to-mid-size enterprises (SMEs) and the increasing importance of transparent business practices in these nations.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Auditing Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing Regulations Regarding Disclosure and Recording of Financial Records
    • Growing Corporate Spending on Financial Auditing and Recording
    • Increasing Demand for Auditing Services Across Various Industries
    • Market Restraints
      • Delay in Obtaining Audit Information and Quality of Information
      • Market Opportunities
        • Technological Advancements in Auditing Services
        • Popularity of Environmental Audits to Meet Government Sustainability Goals
        • Market Challenges
          • Complex Regulatory Requirements and Lack of Talent
          • Market Segmentation Analysis
            • Type: Significant popularity of external audits for verifying the validity and reliability of financial statement
            • Service Line: Growing demand for advisory and consultation services to mitigate the business risk
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Auditing Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Auditing Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Kester Capital Completes The Acquisition of GXP Engaged
              
              Kester Capital, a private equity specialist based in the UK, completed its sixth investment in the life sciences sector. This latest investment involves the acquisition of GXP Engaged, an audit and related consulting service firm for pharmaceutical and biotech companies. With this acquisition, Kester Capital aims to further strengthen its presence in the life sciences sector and support the growth and success of GXP Engaged.
              
              KPMG and Microsoft Enter Landmark Agreement to Put AI at The Forefront of Professional Services
              
              KPMG International Limited and Microsoft Corporation have announced a collaboration to enhance KPMG client engagements and ensure improved efficiency, accuracy, and security in the auditing process. Through this collaboration, KPMG professionals can leverage Microsoft 365 Copilot and Azure OpenAI Service to provide faster analysis and strategic advice. The integration of Microsoft Fabric enables KPMG teams to directly access client data without the need for ingestion, allowing them to perform audits in real-time.
              
              PKF Arsilon Expands Through Strategic Acquisition
              
              PKF Arsilon, a firm based in France, has recently acquired BCRH & Associés (BCRH), an independent audit, consulting, and accounting firm located in Paris. This strategic move brings four new partners and an additional 45 employees to PKF Arsilon, bolstering its team in Paris to a total of 180 people, including 19 partners. With this merger, PKF Arsilon aims to enhance its presence in the Ile-de-France region and expand its range of auditing, statutory auditing, and certified public accounting services.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Auditing Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Auditing Services Market, highlighting leading vendors and their innovative profiles. These include Armanino LLP, Baker Tilly US, LLP, BDO International Limited, Caonweb Pvt. Ltd., Crowe LLP, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, FORVIS, LLP, Friedman LLP, Grant Thornton LLP, Healy Consultants Group PLC, KPMG International Limited, Ledoux, Petruska & Co., Inc., MAS LLP, Maxim Audit and Consultants, Mayer Hoffman McCann P.C., Moore Global Network Limited, Nexia International Limited, PricewaterhouseCoopers LLP, Protiviti Inc., RSM International Ltd., Schooley Mitchell, SGS SA, and Steven Sewald & Co., CPAs & Consultants.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Auditing Services Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Type
              • External Audit
              • Internal Audit
              • Service line
                • Advisory & Consulting
                • Compliance Audit
                • Environmental & Social Audit Services
                • Financial Audits
                • Forensic Adult Services
                • Information System Audit
                • Investigation Audit
                • Operational Audits
                • Process Audit Services
                • Public Sector Audit Services
                • Tax Audit Services
                • 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
                          
                          
                          Please Note: PDF & Excel + Online Access - 1 Year