Internal auditing firms are highly investing on cognitive Intelligence, and robotic process automation (RPA) to help analyze and automate the large inputs of digital data arriving from large scale internal auditing projects. Cognitive intelligence analyzes large data and automatically picks out anomalies based on trends that the system has learned from previous analyses. RPA uses pre-set rules and applies it to large data and helps the internal auditors to automatically identify, assess, and monitor risks. Cognitive intelligence and RPA helps in drastically cutting down the manual load of internal auditors. KPMG and Deloitte are some of the internal auditing companies who are actively investing
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL INTERNAL AUDIT SERVICES MARKET AT $35 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-third of the global internal audit services market.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, agile internal auditing is being applied to audits and projects for rapid response in emerging issues, closer collaboration with stakeholders, faster delivery cycles and streamlined reporting. Agile revolutionize internal audit by making more relevant, risk based and real time.
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Ernst & Young was the largest player in the internal audit services market, with revenues of $20.2 billion in 2016. Ernst & Young’s growth strategy aims to expand its assurance division to provide high quality audit quality. In 2015, the company invested more than $400 million into audit transformation. This included funding for new audit tools and upgrade their services to help clients comply with AASB 15 accounting regulation issued in 2015. EY also seeks to expand its global operational base as it recently acquired more than 30 companies worldwide.
The internal audit services market includes examining, monitoring and analyzing activities of company operations by independent internal auditing companies/consultants/professionals. The services are intended to identify potential risks or fraudulent activities, help improve internal control, efficiency and corporate governance and help in effective enterprise risk management.
Internal 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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