Forensic audit companies are increasingly using artificial intelligence (AI) as a tool to detect fraud and corruption. AI is an area of computer science that trains machines to perform complex tasks. It is embedded in the framework of auditing processes to help forensic auditors in tackling big data, identifying frauds and making decisions. It also analyzes new regulations instantly, and provides the required information irrespective of what process clients use for their financial year-end and analyzes data, thereby reducing the administrative time of an auditing staff in gathering information and the time spent by clients on supporting an audit.
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Forensic audit services are becoming frequent and widespread in banks and large corporations for better governance and smooth conduct of operations. Public sector and private sector banks perform forensic audits to detect the accounts which have the potential to become non-performing assets (NPAs) and also to identify any frauds in these accounts. For instance, the Government of India has made mandatory for all the state-run banks to perform forensic audits to identify all possible NPAs. Large corporations are also conducting frequent forensic audit and background checks to ensure that their potential CEOs and other top executives have a clean track record. These are performed by forensic audit firms or executive search firms that conduct forensic background checks.
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The forensic audit services industry consists of sales of forensic audit services by entities (organizations, sole traders and partnerships) 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.
The professional services market, of which the forensic audit services market is a segment comprises varied occupations that provide support to businesses of all sizes and in all industries. The business entities which are engaged in providing professional services are generally referred to as professional service organizations (PSOs) or professional service firms (PSFs).
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The forensic audit services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider professional services market and compares it with other markets.