LegalLaw247.com, November 19, 2018 ) Data analytics and link analysis software packages are being introduced for forensic audit service providers. The software packages are adept at identifying patterns and outliers by performing advanced data analysis and also aid in identifying suspicious links in chains of financial transactions. Some of the software products include Link Explorer from Xanalys, InfoZoom form SoftLake Solutions, Foernsix functionality of Open Accounts product.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL FORENSIC AUDIT SERVICES MARKET $14 BILLION IN 2017
North America was the largest geographic region in the market, accounting for approximately 35% of the global market. The USA was the largest country accounting for more than one-fourth of the global forensic audit services market.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, the big four audit and accounting firms are aggressively hiring forensic talent to cope with demand generated by companies looking to tackle an increasingly complex regulatory and business environment, as well as current and emerging threats. Ernst and Young, KPMG, PricewaterhouseCoopers and Deloitte are looking to scale up their teams by up to 25% as they broaden forensic data analytics capabilities beyond traditional antifraud and compliance functions into areas such as legal, information governance and cybersecurity.
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PWC LLP’s forensic department was the biggest player in the forensic audit services market, with revenue of $28 billion in 2016. PwC’s growth strategy is to strengthen its advisory division by expanding its services to small and medium, social enterprises. For instance, PwC Poland invested €1 million to establish The Social Innovators Club that will provide consulting solutions to challenges faced by global entrepreneurs. These services will include IT consulting, business mentoring, operational assistance and business plan advice.
Forensic audit services involve examining and evaluating financial information of an individual or a company to be used as evidence for court proceedings. A forensic audit is used to prosecute illegal and unscrupulous financial activities like fraud, money laundering and embezzlement.
Forensic Audit Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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