Forensic Audit Market Size, Drivers, Trends, Major Players, And Market Segments
November 26, 2021
The Business Research Company’s Forensic Audit Market – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 26, 2021 /EINPresswire.com/ -- Forensic audits are becoming frequent and wides0pread in banks and large corporations for improved governance and smooth conduct of operations. Public sector and private sector banks perform forensic audits to detect the accounts which have the potential to become non-performing assets (NPAs) and also to identify any frauds in these accounts. For instance, the Government of India has made mandatory for all the state-run banks to perform forensic audits to identify all possible NPAs. Large corporations are also conducting frequent forensic audit and background checks to ensure that their potential CEOs and other top executives have clean track records. These are performed by forensic audit firms or executive search firms that conduct forensic background checks.
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The forensic audit market consists of sales of forensic audit services by entities (organizations, sole traders and partnerships) that apply auditing and investigative skills to situations that may have legal implications. A forensic audit is an examination and evaluation of a firm’s or individual’s financial, compliance, background information and other types of information, to use as evidence in a court of law or legal proceedings. Examples of forensic audits’ use range from prosecuting a party for fraud, embezzlement or other financial claims, to distributing assets during separation or divorce proceedings, although the vast majority of the market is business to business (B2B).
The forensic audit market covered in this market is segmented by type into financial services, mining, oil & gas, manufacturing, healthcare, other services, others, event and data analytics, regulatory investigations, cross border investigations, corruption and bribery investigation, accounting malpractice, and securities investigations, other forensic audit.
Forensic audit companies are using social media analytics to detect frauds. Social media analytics is an application for gathering data from social media websites by analyzing posts, chats and profiles of members to form meaningful insights for making decisions. Forensic audit firms use this tool to detect frauds and crimes generated on social media.
Major players covered in the global forensic audit industry are PwC, Ernst & Young Global Limited, Deloitte Touche Tohmatsu Limited, KPMG International, BDO Global.
Forensic Audit Market - Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides forensic audit market overview, forecast forensic audit market size and growth for the whole market, forensic audit market segments, and geographies, forensic audit market trends, forensic audit market drivers, forensic audit market restraints, leading competitors’ revenues, profiles, and market shares.
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