Data Analytics Tools: A Revolution In External Audit Services

Data analytics helps auditors to manage important aspects of IT systems in larger audits. The extraction of data using fields within the basic data structure is a part of data analytics. For instance, Power View, an Excel tool is a simple example of a data analytics tool which can filter, sort, slice and highlight data in a spreadsheet and then present it visually in various formats or graphical/pictorial representations like bar and pie charts. Data analytics tools can be used for validation, to provide insights, for risk analysis, testing transaction and controls testing, analytical procedures. Data analytics tools also provide information on external market data such as third-party pricing sources and re-price investments.

THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL EXTERNAL AUDIT SERVICES MARKET AT $43 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-third of the global external 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 external audit services market, with revenues of $60million (600 crores million euros) in 2016. PwC’s growth strategy aims at accelerating growth and innovation, establishing operations and improving client portfolio.

The external audit services market is also known as financial audit and statutory audit. It involves the examination of the truth and fairness of the financial statements of an entity by an external auditor who is independent of the organization in accordance with a reporting framework such as the IFRS.

External 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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The Business Research Company's management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world's largest organizations.

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The Business Research Company's management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world's largest organizations.