Firms offering compliance audit
services have started using cognitive technologies for risk management
procedures over the course of a compliance audit. Cognitive technologies are
products of artificial intelligence that include computer vision, machine
learning, natural language processing, speech recognition, and robotics. This
technology enables auditors as well as organizations to detect, predict and
prevent risks in high-risk situations.
North America was the largest
geographic region in the market, accounting for a little less than two-fifth of
the global market share.
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According to The Business Research Company’s
Consultants, Nitin Gianchandani, automation of audit and compliance market
has increase due to the digitization of the industry. Now, there is a modern
and efficient environment with digitized operations that can handle customs
clearance system and exchange information through one window efficiently.
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PwC was the largest player in the compliance audit
services market, with revenues of $37.7 billion for the financial year 2017. PwC aims at three types of growth strategy: Core,
Expansion and Disruption. In Core, the company look for mergers, acquisitions
and alliances. In Expansion, the company expands to adjacencies. In Disruption,
the company looks for ways to disrupt the markets that leverages their
capabilities.
The compliance audit services
market includes companies which are required to conduct specific audit
engagements other than the statutory audit to comply with the requirements of
particular laws and regulations.
Compliance Audit 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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