Global Internal Audit Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Internal Audit Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps organizations achieve their objectives by taking a systematic, disciplined approach to assessing and improving the effectiveness of risk management, control and governance processes. The role of internal audit is to provide independent assurance that an organization's risk management, governance and internal control processes are operating effectively.

Market Overview:

The latest research study on the global Internal Audit Services market finds that the global Internal Audit Services market reached a value of USD 35522.17 million in 2022. It’s expected that the market will achieve USD 49745.91 million by 2028, exhibiting a CAGR of 5.77% during the forecast period.

Growing Demand for Internal Audit Services

The internal audit function continues to provide business leaders with real-time information to help them make actionable, effective, and far-reaching business decisions. As technology and the economy evolve, there is an increasing need to assess and improve the effectiveness of risk management, control and corporate governance processes to help companies achieve their goals. In global markets, industries such as insurance, healthcare and manufacturing are increasingly turning to internal audits to help validate their practices in a competitive environment. Internal audit services will grow in the future.

At the same time, there are more international companies in developed markets, with high market maturity, fierce competition, strong management team capabilities, technological and financial advantages, continuous innovation, and major market players investing heavily in R&D to introduce new technologies into their services , the market demand of enterprises for internal audit services continues to grow.

Talent shortages are affecting internal audit services

Internal auditing is an independent activity performed in a company or entity by a designated professional called an internal auditor. Internal auditors need to provide a very coordinated and disciplined approach to help assess all key risks affecting the process of achieving the organization's financial and strategic objectives.

With the changes of the times and the modernization of business modules, the core competencies of today's internal auditors also need to be improved. Increasing demands on auditors mean that attracting and retaining internal auditors has become a challenge for many departments. For the internal auditing service industry, the shortage of talent is affecting the development of the industry.

Region Overview:

In 2021, the share of the Internal Audit Services market in United States stood at 36.38%.

Company Overview:

Deloitte is one of the major players operating in the Internal Audit Services market, holding a share of 9.94% in 2022.

Deloitte and AuditBoard Team Up to Help Companies Streamline and Enhance the Quality of ESG Program Management and Reporting

October 31, 2022

Deloitte & Touche LLP and AuditBoard announced the expansion of their strategic business alliance, which will help companies simplify environmental, social and governance (ESG) reporting, unify their ESG data, streamline evidence collection, and automate ESG activities for greater visibility. The alliance extension allows companies to address their ESG initiatives by leveraging AuditBoard's innovative cloud-based audit, risk and compliance management platform, combined with Deloitte's sustainability, climate and equity services offerings.

PwC to Spend $12 Billion on Hiring, Expanding Expertise in AI, Cybersecurity

June 15, 2021

PricewaterhouseCoopers plans to spend $12 billion by 2026 to hire 100,000 new workers in fields such as artificial intelligence and cybersecurity, the latest move by the Big Four accounting firms to bet big on technology.

The planned hires will increase the company's current global workforce of 284,000 by more than a third. The London-based professional services firm expects its headcount to exceed 384,000 five years from now, with additional hiring to make up for any attrition.

Segmentation Overview:

By type, Large Enterprise segment accounted for the largest share of market in 2021.

Compliance Audit

Companies may need to comply with local laws, compliance requirements, government regulations, external policies, or other constraints. To demonstrate compliance with these rules, companies may commission internal audit committees to review, compile appropriate information, and provide an overall opinion on the status of compliance requirements.

Internal Financial Audit

Companies are required to perform a degree of external financial audit, whereby a fully independent third party provides an opinion on the company's financial records. A company may wish to further study audit findings or perform an internal financial audit in preparation for an external audit. Many tests may be similar between internal or external auditors; the nature of independence separates the two types of audits from financial audits.

IT Audit

IT audits may have different goals. Internal audits can be the result of external litigation, company complaints, or the goal of improving efficiency. Technology-focused internal audits review systems controls, hardware, software, security, documentation, and backup/recovery.

Performance Audit

Performance-focused internal audit focuses less on the process and more on the end result. Companies may have set performance goals or targets that may be linked to performance bonuses or other incentives. As a result, the objective outcomes assessed by internal auditors may not be readily quantifiable.

Environmental Audit

As companies become more environmentally conscious, some are taking steps to examine their impact on the planet. This leads to internal audits covering how companies safely source raw materials, minimize greenhouse gas emissions during production, utilize environmentally friendly distribution methods, and reduce energy consumption.

Operational Audit

An operations audit is a method of evaluating all business operations. Operational audit is the evaluation of operating procedures and methods by certified public accountants in order to evaluate the effectiveness and efficiency of the audited entity's operating activities. After the operation audit is over, the certified public accountant generally puts forward suggestions on operation management to the management of the audited unit.

Application Overview:

The market's largest segment by application is the segment Compliance Audit, with a market share of 32.02% in 2021.

Internal audit service is to provide services to enterprises, including large enterprises and small and medium-sized enterprises.

Key Companies in the global Internal Audit Services market covered in Chapter 3:

RSM
Protiviti
PricewaterhouseCoopers
BDO Global
Ernst & Young
Nexia International
KPMG
Grant Thornton International
Baker Tilly International
Deloitte

In Chapter 4 and Chapter 14.2, on the basis of types, the Internal Audit Services market from 2018 to 2029 is primarily split into:

Compliance Audit
Internal Financial Audit
IT Audit
Performance Audit
Environmental Audit
Operational Audit

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Internal Audit Services market from 2018 to 2029 covers:

Large Enterprise
SME

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)