Financial Auditing Professional Services Market - Size, Share, Industry Trends, and Forecasts (2025-2032)

By Type:

Based on the type, the market is bifurcated into external audit and internal audit.

Trends in the Type:

• The trend towards adoption of ESG & sustainable reporting audit is driving the need for external audits, which in turn is driving the market evolution.
• The rising adoption of hybrid internal audit which includes in-house audit and alternate internal audit firm for improvement and efficiency which in turn is driving the internal audit segment progress.

The external audit accounted for the largest revenue share in the year 2024.

• External Auditing is conducted to provide unbiased assurance about the accuracy of the financial statements and compliance with the regulatory requirements which in turn drives the need for external audit segment.
• Moreover, the benefits of adopting external audits include ensuring financial accuracy, enhancing investor confidence, detecting fraud, improving performance and others which in turn drives the financial auditing professional services market share.
• Further, the increasing focus to comply with tax law, anticorruption regulations and financial statement reporting is driving the need for external auditing which in turn is boosting the financial auditing professional services market share.
• For instance, Deloitte is a leading auditing service provider with services ranging from audit and assurance, consulting, financial advisory, risk advisory, tax and related services as well as provide external audit services.
• Thus, as per the market analysis, increasing focus to comply with tax law, anticorruption regulations and financial statement reporting is driving the need for external audit segment.

The internal audit is anticipated to register the fastest CAGR during the forecast period.

• The rising government stringent rules and regulations are propelling enterprises to conduct internal audits which in turn is driving the financial auditing professional services industry.
• Moreover, the key advantages of adopting internal audits include improved internal controls, minimized fraudulent risk, identifying risk, improved accountability and others which in turn fuels the financial auditing professional services market size.
• Further, the growing emphasis on risk management is driving the need for internal audit which in turn boosts the financial auditing professional services market size.
• For instance, in August 2024, Jefferson Wells, which is a leading financial advisory firm provided eight internal audits to ManpowerGroup. The firm has provided detailed survey report related to the cybersecurity risk to the company.
• Therefore, according to the financial auditing professional services market analysis, the growing emphasis on risk management is anticipated to boost the market during the forecast period.

By Services:

Based on the services, the market is segmented into financial audit service, employee benefit plan audit, assurance service, compliance service, due diligence, and others.

Trends in the Services:

• The increasing cyber threat is driving the need for assurance audit which in turn is driving the financial auditing professional services market trend.
• Digitalization drives data driven due diligence which in turn is fueling the financial auditing professional services market trend.

The financial audit service accounted for the largest revenue share of 41.28% in the year 2024.

• Financial audit service allow businesses to have a detailed report on finances which in turn is used to make decisions based on the accurate information.
• Moreover, the key advantages of financial audit service include enhancing financial integrity, improving stakeholders confidence, improving internal controls, and others.
• Further, the growing number of mergers, acquisition and IPO’s is driving the need for financial audit service which in turn is driving the market growth.
• For instance, Harshwal & Company LLP is a leading financial audit service provider as well as provide government audits as per government auditing standards to tribal governments, gaming and hospitality, private sector start-up companies and others.
• Thus, as per the market analysis, growing number of mergers, acquisition and IPO’s is driving the financial audit service segment.

The employee benefit plan audit is anticipated to register the fastest CAGR during the forecast period.

• The employee benefit plan audit is conducted to review the organizations retirement, pension and other benefit plans to protect employees benefits which in turn drives the need for employee benefit plan audit services.
• Moreover, the key benefits of adopting employee benefit plan audit include preventing fraud, enhancing financial transparency, improving efficiency, strengthening risk management, and others which in turn is propelling the market growth.
• Further, the increasing focus of individuals towards retirement and pension plans is driving the need for employee benefit plan audit service which in turn is fueling the market growth.
• Therefore, as per the market analysis, the increasing focus of individuals towards retirement and pension plans are anticipated to boost the market during the forecast period.

By End-User:

Based on the end-user, the market is segmented into government, NGO, manufacturing, healthcare, BFSI, IT & telecom and others.

Trends in the End-User:

• The trend towards supply chain audit is driving the adoption of financial auditing services in manufacturing industry.
• The trend towards rising healthcare fraud and insurance scam is driving the need for forensic audits, which in turn drives the market progress in healthcare sector.

The BFSI accounted for the largest revenue share in the year 2024 and is anticipated to register the fastest CAGR during the forecast period.

• Banks and financial institutions require assurance services to mitigate the risk and strengthen control and adhere to government rules and regulations.
• Moreover, the integration of AI and blockchain in BFSI sector is expected to drive the market development.
• Further, the rising investment and increasing financial fraud is driving the need for financial auditing in the BFSI sector, which in turn is propelling the market progress.
• For instance, in February 2024, According to Federal Trade Commission data, financial fraud increased by 14% from 2022 to 2023 which in turn is driving the need for financial audit in BFSI sector.
• Thus, according to the financial auditing professional services market analysis, rising investment and increasing financial fraud is driving the adoption of market in the BFSI sector.