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Financial Auditing Professional Services Global Market Report 2022: Ukraine-Russia War Impact

Financial Auditing Professional Services Global Market Report 2022: Ukraine-Russia War Impact

  • November 2022
  • 175 pages
  • ID: 6368708
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the financial auditing professional services market are 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, Moore Global, Deloitte, Grant Thornton LLP, Withum Smith+Brown PC, and BF Borgers CPA PC,

 The global financial auditing professional services market is expected to grow from $126.07 billion in 2021 to $136.25 billion in 2022 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The financial auditing professional services market is expected to grow to $185.51 billion in 2026 at a CAGR of 8.0%.

The financial auditing professional services market consists of sales of financial auditing professional services by entities (organizations, sole traders, and partnerships) that are used to evaluate the financial statements of an organization. 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.

The main services of the financial auditing professional services are: employee benefit plan audit, service organisation 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 audit and internal audit. BFSI, government, manufacturing, healthcare, retail and consumer, IT and telecom, and other end-users use these.

North America was the largest region in the financial auditing professional services market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this financial auditing professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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, India’s central bank and regulatory body responsible for the regulation of the Indian banking system, total fraud cases increased by 28% by volume and 159% by value, resulting in INR 0.1 million (0.001 million USD) and above of fraud reported by banks during 2019-20. Therefore, the rising incidences of banking fraud are driving the financial auditing professional services market.

Strategic partnerships are a key trend gaining popularity in the financial auditing professional services market.Major market players are focusing their efforts on a partnership that will improve their products and service portfolio in the future.

For instance, in May 2022, PlainID, an Israel-based authorization company that provides authorization and policy-based access solutions, entered into a strategic partnership with PwC, a UK-based professional services company, to revolutionise financial services. Similarly, in December 2021, Ernst & Young (EY) Global Limited, a UK-based company engaged in providing assurance, consulting, tax, and transaction services, entered into a strategic relationship with ServiceNow, a US-based software company, to provide improved finance and tax services.

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.

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.

The financial auditing professional services market research report is one of a series of new reports 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.

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