May 31, 2019 (Heraldkeeper via COMTEX) -- The Business Research Company adds a report "Forensic Audit Market By End Users (Financial Services, Manufacturing, Mining And Oil & Gas, Other Services, Healthcare And Others) Market Players And Market Size - Global Forecast To 2022" under its professional services category. The report covers market characteristics, key players, market size and trends from 2014 to 2022.
The Forensic Audit market is relatively fragmented, with the top eight competitors making up about 28% of the total market in 2018. Players in the market include China Sports Lottery China Welfare Lottery, Sociedad Estatal Loterias y Apuestas del Estado S.A., Las Vegas Sands Corporation, Japan Takarakuji lottery, Galaxy Entertainment Group Limited, MGM Resorts International, SJM Holdings Limited , Melco International Development Ltd., Wynn Resorts Ltd.
The forensic audit services market consists of sales of forensic audit services by entities that apply auditing and investigative skills to situations that may have legal implications. A forensic audit is an examination and evaluation of a firm’s or individual's financial, compliance, background information and other types of information for use as evidence in a court of law or legal proceedings. Examples of the use of forensic audits range from prosecuting a party for fraud, embezzlement or other financial claims, to distributing assets during separation or divorce proceedings, although the vast majority of the market is business to business.
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The Forensic Audit market is expected to grow at a CAGR of around 7% to nearly $15 billion by 2022.
Growth in the historic period resulted from increased fraudulent activities and governments' scrutiny. Going forward, public private collaborations and technological development will drive the growth. Factors that negatively affected growth in the historic period were stringent government policies and political and social instability. Factors that could hinder the growth of this market in future are a skills shortage and the emergence of in-house audit teams.
Some of the major drivers of the market are:
Public Private Collaboration - Governments of various countries across the world are collaborating with private forensic audit services companies to develop and enhance their country's business environment. The governments and security exchanges of several countries are appointing private audit firms to keep a check on companies and prevent them from committing fraud.
Technology Development - Use of advanced technologies such as artificial intelligence to analyze and quickly identify irregularities in the data is expected to drive the growth of the forensic audit services market in the forecast period. Auditors use artificial intelligence to spot suspicious activities or inaccuracy in accounting entries and transactions. Artificial intelligence uses rules created by humans to reason through issues and reach conclusions by identifying patterns from the huge data sets available.
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Forensic audit companies are increasingly using artificial intelligence (AI) as a tool to detect frauds and corruption. AI is an area of computer science which trains machines to perform complex tasks. It is embedded into the framework of auditing processes to help forensic auditors in tackling big data, identifying frauds and making decisions
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1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure