External audit services market is also known as financial audit and statutory audit. It involves the examination of the truth and fairness of the financial statements of an entity by an external auditor who is independent of the organization in accordance with a reporting framework such as the IFRS.
The global external audit services market was valued at $42 billion in 2017. North America was the largest geographic region accounting for $15.4 billion or 36.7% of the global market. The USA was the largest country accounting for $12.4 billion or 29.4% of the global external audit services market.
Data analytics helps auditors to manage important aspects of IT systems in larger audits. The extraction of data using fields within the basic data structure is a part of data analytics. For instance, Power View, an Excel tool is a simple example of a data analytics tool which can filter, sort, slice and highlight data in a spreadsheet and then present it visually in various formats or graphical/pictorial representations like bar and pie charts. Data analytics tools can be used for validation, to provide insights, for risk analysis, testing transaction and controls testing, analytical procedures. Data analytics tools also provide information on external market data such as third-party pricing sources and re-price investments.
The companies covered are Delloite, PwC, Ernst & Young, and KPMG.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
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