Asset Management Market Global Forecast To 2023

The Business Research Company’s Forensic Audit Market By End Users, Market Players And Market Size – Global Forecast To 2022

LONDON, GREATER LONDON, UK, July 6, 2020 /EINPresswire.com/ -- The global forensic audit market size is expected to grow from $12,180.1 million in 2019 to $15,468.5 million in 2023 at a compound annual growth rate (CAGR) of 6.2%. Governments of various countries across the world are collaborating with private forensic audit services companies to develop and enhance their country’s business environment. The governments and security exchanges of several countries are appointing private audit firms to keep a check on companies and prevent them from committing fraud. For instance, in 2018, the Securities and Exchange Board of India (SEBI) collaborated with private consulting firms such as KPMG, Ernst and Young (EY), and Deloitte, to conduct forensic audits of the financial statements of listed companies. Such collaborations are expected to drive the forensic audit services industry in the forecast period.

However, the recent coronavirus outbreak will have a negative impact on the global forensic audit market growth. The initial impact of COVID-19 is expected to see the market recoil in line with global markets as recession hits many major economies, therefore causing a restraint on the market. However, as the pandemic comes under control in the future and economies set upon recovery, there is likely to be increased demand for forensic audits. This will prove especially true as mergers and acquisitions form part of the recovery process, and the fact that many countries have seen rising incidences of fraud and corruption.
The rising number of mergers and acquisitions deals is expected to further drive the forensic audit services market in the forecast period. Companies looking to acquire other companies perform financial due diligence to identify any financial misconducts before entering into an agreement. According to BCG, the total value of global mergers and acquisitions increased 7% between 2016 and 2018, reaching a value of $3,059 billion. This is expected to continue in the forecast period thereby driving the forensic audit services market.

A forensic audit is an examination and evaluation of a firm's or individual’s financial, compliance, background information and other types of information, to use as an evidence in a court of law or legal proceedings. The forensic audit market is segmented by type of investigation into event and data analysis, regulatory investigations, cross border investigations, corruption and bribery investigation, accounting malpractices and securities investigation, and other forensic audit services. The forensic audit market is segmented by end use industry into financial services, manufacturing, healthcare, mining and oil and gas, and others.

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Oliver Guirdham
The Business Research Company
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