The public sector audit services market is increasingly utilizing data analytics and automated workpapers software packages to simplify the auditing. Cross referencing and references to standards have been easily streamlined by employing the software packages, aiding in maintaining consistency and thoroughness of the audits with less effort. With all new highly adaptive advanced methods to simplify auditing, public sector audit service market is expected to grow in the upcoming years.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL PUBLIC SECTOR AUDIT SERVICES MARKET AT $26 BILLION IN 2017
North America was the largest geographic region in the market, accounting for more than one-third of the global market. The USA was the largest country accounting for nearly one-fifth of the global public-sector audit services market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, cyberattacks on corporate networks and systems have become advanced in the range of protecting from risks. For instance, KPMG high lightened few technological risks to protect the data and categorized them into: Data protection, social engineering, auditing of third-parties, cyber insurance and remediation procedures.
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PwC Advisory Services was the largest player in the public sector audit services market, with revenues of $36 million (240 crores) in 2016. PwC’s growth strategy is to become a technology-enabled organization by 2025, by digitalizing its business and its services by working with companies such as Google, Oracle and Microsoft. Going forward, PwC seeks on adding new services of IT and data assurance and security and acquire new clients from mature as well as developing markets.
The public sector audit services market involves assessing financial information of government organizations, and non-profit organizations such as charities, education and healthcare. Internal public-sector audit is performed by the organization’s internal auditor and reports to the management. External public-sector audit service is performed by an independent accounting firm from outside the organization.
Public Sector 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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