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.
The global forensic audit services market was valued at $13.4 billion in 2017. North America was the largest geographic region accounting for $4.9 billion or 36.7% of the global market. The USA was the largest country accounting for $3.9 billion or 29.4% of the global forensic audit services market.
Data analytics and link analysis software packages are being introduced for forensic audit service providers. The software packages are adept in identifying patterns and outliers by performing advanced data analysis and also aid in identifying suspicious links in chains of financial transactions. Some of the software products include Link Explorer from Xanalys, InfoZoom form SoftLake Solutions, Foernsix functionality of OpenAccounts product.
Companies Covered: PricewaterhouseCoopers LLP, Deloitte Touche Tohmatsu Limited, KPMG International, Ernst & Young Global Limited, Key Forensic Services
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