Auditing Services Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking Report, 2020 – 2027
Procurement Outlook
Auditing is an official examination and verification of a business’s financial records. Auditing services include official inspection and verification of the credibility of financial reports. The main objective of auditing is to confirm whether the company’s financial statements are accurate and are following regulatory guidelines. Auditing also gives investors, creditors, and other stakeholders reasonable assurance that they can rely on a company and its integrity. Audits can be conducted by either a business’s management as an internal control process or by the government, in case they notice suspicious financial activity.
Auditing services can be categorized into three major types:
- Internal audits: It is performed by a qualified auditor or accountant working within the organization. Internal audits can be conducted weekly, monthly, or annual basis based on company requirements.
- External audits: In this audit, financial statements are made by an independent, third-party professional. External audits are extremely beneficial as it is more unbiased and reliable than internal audits.
- IRS audits: Internal Revenue Service (IRS) audits are government audits conducted to ensure that financial data has been reported in compliance with tax laws. These audits are mostly conducted randomly. However, more often than not IRS selects businesses based on suspicious activity, such as unusual deductions or uncommon sources of income
Demand Outlook
The global auditing services market is valued at ~USD 220 billion in 2020 and it is expected to grow at a CAGR of 4% from 2020 to 2027 majorly due to Increasing stringent government regulations regarding disclosure and reporting of financial details. The external audit segment has a higher market share than the internal audit segment. The external audit segment accounted for more than 60% of the overall market. However, the internal audit segment is expected to witness the highest growth rate during the forecast period. North America has the largest market share of ~40% in the global market followed by APAC and Europe.
Cost Drivers
The salary of professionals conducting the auditing is the major cost driver of the auditing services. This auditor rate is very high in North America and Europe. APAC's average auditor rate is around 50% lower than North America and Europe. However, the salary growth rate in APAC is considerably higher than in other regions.
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Add-on Services
- Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
- Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
- Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
- Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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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 the supply chain which helps in efficient procurement decisions.
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- Market Intelligence involving - market size and forecast, growth factors, and driving trends
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- 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 disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
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