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.
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The global forensic audit services market was valued at $13 billion in 2017. Among regional markets, North America was the largest geographic region accounting for more than two-fifth of the global market share. The market saw a growth as company’s increasingly outsourced work to low cost economies. Many companies outsourced tax filing, drafting legal documents, opinion polling and other professional sources to their offshore centers to capitalize on the availability of highly skilled and low-cost manpower in countries such as India and the Philippines.
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The USA was the largest country in the market, accounting for more than three-tenth of the global forensic audit services market share. This was mainly due to the presence of a large number commercial establishments seeking accounting, legal, and management consulting, advertising and other professional services. The USA was followed by China and the UK as the next largest countries in the market.
The top five competitors in the market are: PricewaterhouseCoopers LLP followed by Deloitte Touche Tohmatsu Limited, KPMG International, Ernst & Young Global Limited and Key Forensic Services. PricewaterhouseCoopers (doing business as PwC) is a multinational professional services network headquartered in London, United Kingdom. It is the largest professional services firm in the world. PwC is a network of firms in 158 countries, 743 locations, with more than 236,000 people.
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