According to a new report, published by KBV research, The Global Financial Auditing Professional Services Market size is expected to reach $249.22 billion by 2032, rising at a market growth of 6.0% CAGR during the forecast period.
Audit committees play a pivotal role in this governance framework by overseeing financial reporting processes and ensuring the integrity of financial statements. Their responsibilities include monitoring internal controls, risk management, and compliance with legal and regulatory requirements. By providing independent oversight, audit committees contribute significantly to the transparency and accountability of corporate financial practices.
The External Audit segment is experiencing a CAGR of 5.8 % during the forecast period. External audits are mandated by publicly listed companies, government entities, and organizations seeking third-party validation of their financial statements. The growing demand for independent verification from investors, regulatory authorities, and stakeholders is fueling the growth of this segment. Additionally, increasing regulations and the need for accurate financial reporting and fraud detection are prompting companies to engage reputable external auditing firms.
The Financial Statement Audit segment led the maximum revenue in the Global Financial Auditing Professional Services Market by Offering in 2024, thereby, achieving a market value of $72.4 billion by 2032. As businesses strive to build stakeholder trust and meet regulatory requirements, financial statement audits become essential for verifying the integrity of financial data. Regulatory bodies and stakeholders, including investors and creditors, increasingly demand independent verification of financial statements to mitigate risks related to fraud and inaccuracies.
The BFSI segment is growing at a CAGR of 4.5 % during the forecast period. Regular and comprehensive auditing processes are required by financial institutions to comply with stringent regulations, including Basel III, IFRS, and anti-money laundering (AML) standards. Moreover, the increasing incidence of financial fraud and cyber threats compel BFSI companies to adopt comprehensive audit practices to safeguard customer data and maintain trust.
Full Report: https://www.kbvresearch.com/financial-auditing-professional-services-market/
The North America region dominated the Global Financial Auditing Professional Services Market by Region in 2024, and would continue to be a dominant market till 2032; thereby, achieving a market value of $87.0 billion by 2032. The Europe region is anticipated to grow at a CAGR of 5.7% during (2025 - 2032). Additionally, The Asia Pacific region would witness a CAGR of 6.6% during (2025 - 2032).
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