Artificial Intelligence (AI) To Enhance Audit Services

Adoption of new technologies such as analytics, artificial intelligence in information system has enabled the auditor to examine and analyse large volumes of structured and unstructured data related to a company's financial information. This capability allows auditors to test 100 percent of a company's transactions instead of only a sample of the population. Major accounting firms have asserted that the use of these tools will enhance the audit by automating time-consuming tasks which are more manual and rote in nature.

THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL INFORMATION SYSTEM AUDIT SERVICES MARKET AT $27 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 information system audit services market.

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The chart below shows the year-on-year growth of the global information system audit services market during 2017 – 2021

According to The Business Research Company’s Consultant, Nitin Gianchandani, transparency is the new direct tax environment which is helping in focusing attention on tax collection. Tax activists are generating public awareness about tax bills. This created new laws at both national and international levels. For instance, OECD implemented base erosion and profit shifting project.

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PwC was the largest player in the information system audit services market in 2017. PwC’s growth strategy aims to strengthen its advisory division by expanding its services to small and medium, social enterprises.

The information system audit services market includes information system audit which involves the assessment of the controls relevant to the IT infrastructure within an organization. Information system audits may be performed as part of the internal control assessment during internal or external audit.

Information System 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.

The global information system audit services market was valued at $25.2 billion in 2017. North America was the largest geographic region accounting for $9.2 billion or 36.7% of the global market. The USA was the largest country accounting for $7.4 billion or 29.4% of the global information system audit services market.

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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.