The global internal audit services market was valued at $33.6 billion in 2017. North America was the largest geographic region accounting for $12.3 billion or 36.7 percent of the global market. Of that, the United States was the largest country accounting for $9.9 billion or 29.4 percent of the global internal audit services market, according to a report from Market Insights Reports.
The internal audit market includes such services as examining, monitoring, and analyzing activities of company operations by independent internal auditing companies, consultants, and professionals. The services are intended to identify potential risks or fraudulent activities; help improve internal control, efficiency, and corporate governance; and help in effective enterprise risk management. They also include outsourced internal audit. The largest providers include Ernst & Young, Protiviti, Deloitte, PwC, and KPMG.
Internal auditing firms are investing heavily on cognitive intelligence, and robotic process automation (RPA) to help analyze and automate the large inputs of digital data arriving from large scale internal auditing projects. Cognitive intelligence analyzes large data and automatically picks out anomalies based on trends that the system has learned from previous analyses. RPA uses pre-set rules and applies it to large data and helps internal audit to automatically identify, assess, and monitor risks.
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