The
public sector audit services market is increasingly utilizing data analytics
and automated workpapers software packages to simplify the auditing. Cross
referencing and references to standards have been easily streamlined by
employing the software packages, aiding in maintaining consistency and thoroughness
of the audits with less effort. With all new highly adaptive advanced methods
to simplify auditing, public sector audit service market is expected to grow in
the upcoming years.
THE
BUSINESS RESEARCH COMPANY VALUED THE GLOBAL PUBLIC SECTOR AUDIT SERVICES MARKET
AT $26 BILLION IN 2017
North
America was the largest geographic region in the market, accounting for more
than one-third of the global market. The USA was the largest country accounting
for nearly one-fifth of the global public-sector audit services market.
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According
to The Business Research Company’s Consultant, Nitin Gianchandani, cyberattacks
on corporate networks and systems have become advanced in the range of
protecting from risks. For instance, KPMG high lightened few technological
risks to protect the data and categorized them into: Data protection, social
engineering, auditing of third-parties, cyber insurance and remediation
procedures.
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PwC Advisory Services was the largest player
in the public sector audit services market, with revenues of $36 million (240
crores) in 2016. PwC’s growth
strategy is to become a technology-enabled organization by 2025, by
digitalizing its business and its services by working with companies such as
Google, Oracle and Microsoft. Going forward, PwC seeks on adding new services
of IT and data assurance and security and acquire new clients from mature as
well as developing markets.
The
public sector audit services market involves assessing financial information of
government organizations, and non-profit organizations such as charities,
education and healthcare. Internal public-sector audit is performed by the
organization’s internal auditor and reports to the management. External public-sector
audit service is performed by an independent accounting firm from outside the
organization.
Public Sector Services
Global Market Report 2018 is a detailed report giving a
unique insight into this market. The report is priced at $4000 for an
individual user. To use across your office, the price is $6000 and $8000 if you
wish to use across a multinational company.
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