Auditing Services Procurement, Price Trends, Forecast and Analysis Report 2030

Auditing Services Category Overview

Unlocking the gateway to financial transparency and organizational integrity, auditing services procurement stands as the cornerstone of prudent business practices. Whether engaging external audit firms or nurturing internal audit teams, the procurement process demands meticulous consideration of expertise, regulatory compliance, cost-effectiveness, technological prowess, and adaptability. Each decision made in this realm holds the potential to shape the destiny of an organization, steering it towards resilience, growth, and stakeholder trust. Thus, in the symphony of business operations, auditing services procurement orchestrates a melody of accountability, safeguarding against discordant notes of financial mismanagement and regulatory non-compliance.

The auditing services category is anticipated to grow at a CAGR of 4.4% from 2023 to 2030 with North America accounting for 36.7% of the global share due to numerous multinational corporations (MNCs), and voluntary auditing and reporting practices by companies. The growth of this category is driven as a result of stricter government laws and the growing pressure on business leaders to enhance corporate operations, boost productivity and quality as well as cut costs. One of the key factors fuelling the expansion of the services is the demand for effective corporate procedures.

In 2022, the category size was estimated to be valued at USD 218.7 billion. An important development in financial auditing is the emergence of strategic partnerships. Major market players are concentrating their efforts on collaborations that will enhance their future product and service portfolios. For instance, in April 2023, KPMG and MindBridge established a strategic partnership to support the global digital audits conducted by KPMG using cutting-edge artificial intelligence (AI). KPMG's smart audit platform, KPMG Clara, will now be able to better identify unexpected or high-risk transactions and improve the quality of audits by leveraging the power of AI.

Order your copy of the Auditing Services Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

The auditing category can be segmented into internal and external audits that further bifurcate on the basis of services such as operational, financial, advisory and consulting, IT, investigation, and others. Technology in auditing continues to evolve as the explosion in data has launched the fourth industrial revolution that transformed businesses through cyber-physical systems, increasing complexity and creating demands on audit professionals. Firms are focusing on integrating digital technology and using cloud-based infrastructure that enables several technology trends to develop. For instance, EY has three foundations of their digital audit: EY Canvas, their online audit platform; EY Atlas, a cloud-based knowledge platform that delivers the latest accounting and auditing content; and EY Helix, a data analytics platform.

Auditing is considered an expensive activity, which requires implementing various measures like subcontracting certain areas, engaging external audit firms, and continuous monitoring. Factors such as the size and complexity, scope, expertise, time, and resources required to conduct the examination add up to the cost.The total tax audit representation cost could be anywhere between USD 2,500 and USD 10,000 per tax year. Audit representation fees are charged either as an hourly rate or a flat fee. The primary cost component covers the services provided by the auditors including planning, fieldwork, report preparation, labor, salaries, and travel expenses. Other overhead costs consist of partners, the use of technological tools such as machine learning, artificial intelligence, robotics, visualizations, and software like CaseWareIDEA, Audit board, SAP audit management, etc. Organizations follow a systematic approach while sourcing auditing services. It includes determining specific requirements, identifying potential auditors, sending requests for proposals (RFP) to multiple auditing firms to solicit their proposals, evaluating, and selecting firm, and negotiations to finalize engagement terms.

Auditing Services Procurement Intelligence Report Scope

The Auditing Services category is expected to have pricing growth outlook of 4% - 6% (Annually) from 2023 to 2030, with below pricing models.

• Flat-fee pricing
• Time-based pricing
• Value-based pricing
• Competition based pricing

Supplier Selection Scope of Report

• Cost and pricing
• Past engagements
• Productivity
• Geographical presence

Supplier Selection Criteria of Report

• Tax
• Consulting
• Audit & Assurance
• Digital Services
• Mergers & Acquisitions
• Risk Advisory
• Legal Services
• technical specifications
• operational capabilities
• regulatory standards and mandates
• category innovations
• others

Auditing Services Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2023 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

Auditing Services Procurement Cost and Supplier Intelligence

This category is led by companies such as Deloitte, EY, PwC, and KPMG, also known as the "Big Four" auditors. Other players include BDO, Grant Thornton, Nexia International, RSM, Baker Tilly, etc., making it highly fragmented, with a large number of players vying for a share of the market, which further complicates the industry landscape.

The North American region is likely to witness substantial growth owing to the increasing adoption of advanced auditing technologies, along with the rise in the number of corporate frauds. The Asia-Pacific region is anticipated to dominate, with China leading the market share due to the growing adoption of digital auditing solutions and the increasing popularity of cloud-based accounting services. In India, the recent government initiatives and the listing of startups on the stock exchange created huge demand for the services.

List of Key Suppliers

• Deloitte
• EY
• PwC
• KPMG
• BDO
• Grant Thornton
• Nexia International
• RSM
• Baker Tilly

Browse through Grand View Research’s collection of procurement intelligence studies:

Graphite Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Cyber Security Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape) 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions