Tax audit
services market includes tax audits which are conducted to assess the accuracy
of the tax returns filed by a company and are therefore used to determine the
amount of any over or under assessment of tax liability towards the tax
authorities.
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The global tax
audit services market was valued at $30 billion in 2017. Digitalization of tax
offices in most developed and developing countries is evolving the role of tax
auditors. They are increasingly providing advisory and taxation guidance as
well as traditional filing and lodging services which have become less
important with the growth of e-filings. For instance, the Australian Tax Office
will now allow e-tax. This will reduce the manual processing of data and make
the tax return process easier allowing tax auditors to focus on high end tasks.
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The USA was the largest
country in the market, accounting for three-tenth of the global tax audit
services market share. This was mainly due to the presence of a large number
commercial establishments seeking accounting, legal, and management consulting,
advertising and other professional services. The USA was followed by China and
India as the next largest countries in the market.
The major competitors in the
market are PWC, Deloitte, Ernst & Young, KPMG, and BDO USA.
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