Pune, 07 Feb. 2022 (GLOBE NEWSWIRE) — The world audit software market size is poised to grow at a rapid pace due to the growing number of audit frauds, says Fortune Business Insights™ in its report titled “Audit Software Market Size, Industry Share & Analysis, By Deployment (Cloud, On-Premise), By Company Size (SME, Large Enterprise), By Vertical (BFSI, Retail & eCommerce, IT & Telecom, Government, Energy & Utilities, Healthcare, Other (Education, Manufacturing, etc.) and Regional Forecast 2022-2029”. The size and enormity of financial scams and scandals have increased with staggering intensity over the past few decades. In 1998, for example, Houston-based Waste Management reported $1.7 billion in fake revenue by manipulating the rate of depreciation of plant and equipment. Similarly, in 2001, energy company Enron orchestrated an audit fraud by keeping huge debts off their balance sheets, which cost shareholders $74 billion. More recently, in 2018, poor accounting practices led British construction giant Carillion to collapse under £1.5billion debt. Modern audit software solutions can help detect fraudulent activity and help financial regulators take effective action to prevent audit scams and save billions in taxpayer dollars.
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Companies in the Audit Software Market Report:
- Perillon software
- Monitoring systems
- Oracle Corporation
- IBM Corporation
- Master Control
- Reflexis Systems
- Wolters Kluwer
- Microsoft Corporation
- SAP SE
Impact of Covid-19-
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- Detailed analysis of major factors driving and restraining the market;
- Actionable insights into key market players and their strategies;
- Granular examination of different market segments; and
- A comprehensive assessment of regional developments in the market.
Growing Availability of Smart Audit Software to Drive Market
Audit management has become a critical area for organizations, prompting innovators to develop smart audit software and launch it in the market. For example, US-based MetricStream offers an audit management suite capable of handling a wide range of audit-related operations, including quality audits, internal audits, and supplier audits. The system is armed with advanced tools such as risk assessment methodologies and built-in corrective actions. Intelex Technologies, a Canadian-based cloud specialist, has developed software that can organize, schedule, and streamline audit reports to keep business operations running smoothly as well as centralize, manage, and store business data. The product is also capable of performing compliance management functions. Another striking example is AuditBoard, which is a popular cloud platform that allows businesses to create reports, collaborate, and automate risk management. These audit solutions aim to improve the efficiency and productivity of auditors as well as reduce audit costs for companies. The growing presence of such software will be key in driving the growth of the audit software market in the near future.
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North America leading the global market; Asia-Pacific will become an investment hub
Among the regions, North America is expected to dominate the audit software market share, supported by growing demand for smart audit solutions from various verticals ranging from BFSI and IT to Healthcare & the automobile. Furthermore, the introduction of innovative auditing software by technology companies in the region will also contribute to the growth of the market.
In Asia-Pacific, the rapid emergence of technology companies such as Huawei and Infosys should create a favorable investment climate in the region. Furthermore, these companies are expected to grow exponentially as several small and medium enterprises as well as government agencies across Asia-Pacific are rapidly digitizing their financial systems which will prove beneficial for this market.
Key players to focus on when introducing state-of-the-art audit solutions
Leading companies in this market are looking to capitalize on the growing demand for efficient and cost-effective audit tools from both the private and public sectors. This leads market players to invest in next-generation technologies and design cutting-edge auditing software and solutions to expand their presence in the global market.
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- July 2020: Ncontracts announces the launch of Nverify, its highly anticipated audit management software. Nverify is designed as an integrated, automated auditing solution that ensures compliance, recommends improvements in internal processes, and streamlines auditing to detect and reduce risk.
- March 2020: Wolters Kluwer Tax & Accounting has launched its cloud-based audit management system, TeamMate+ Public Sector, to increase efficiency for public sector auditors. The solution was designed to facilitate a data-driven and risk-based approach for public auditors to maximize performance.
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