Europe Auditing Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Type, Service-line and geography

Market Snapshot

market Summery
Study Period: 2016 - 2026
Base Year: 2020

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Market Overview

In 2016, significant reforms were implemented in the European audit market. For public listed companies and their audit firms, there were major changes which included adhering to revised ISA standards pertaining to auditor’s report which require should disclosure of key audit matters. The aim of the reforms were to increase transparency, quality, communication, and competition.

The following regulations were made mandatory for public companies

  • Mandatory audit firm rotation
  • Non-audit services fee cap
  • Prohibited non-audit services

Since 2016, the audit regulatory environment has drastically changed, and stakeholders are still  curious to understand the implecations of these changes, and whether the intended goals of these reforms have achieved the intended results.

Scope of the Report

A complete background analysis of the Europe auditing services market, including the assessment of the economy and contribution of the sectors in the economy, market overview, market size estimation for key segments and emerging trends in the market segments, market dynamics and insights, along with key statistics, are covered in the report.

Type
Internal Audit
External Audit
Service line
Operational Audits
Financial Audits
Advisory and Consulting
investigation Audit
Information System Audit
Compliance Audit
Other
Geography
UK and Ireland
Germany
France
Italy
Netherlands
Spain
Rest of Europe

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Key Market Trends

Increased rotation will result in lower tenure of partnership

In 2016, European Union imposed sweeping regulation in the auditing services market. One of the major reform included rotation of auditing partner for a period of 20 years at least. The main objective of the goal was to increase competition in the market which has been highly concentrated since the turn of the century. It would mainly serve two purposes: first of which was that the increase in frequency of changes would result in increase in competition; second being, that it would break the dominance of the big 4 firms and further result in increased competition. The chances of fradulant auditing will also significantly decrease with rotation as it would mean different auditors to deal with for a firm. Numerous stakeholders are monitoring the market as to how these major provisions of regulation are coming into play. 

Trend-1

Increasing number of companies opting for joint-auditing

One of the major trend that is fast becoming prominant is the increasing number of companies are opting for joint-auditing. join-audit is the process of having multiple auditors for the same firm. This would increase the quality of the audit and reduce the scope for frauds. The collaboration model will increase technical knowledge while reducing over-familiarity owing to rotation and allocation of fieldwork between auditors after a period of time. France is one of the leading markets for auditing and and is also considered as one of the most efficient markets for auditing. The major factor for that is the low concentration in the market amongst the vendors owing to high number of companies incorporating joint-auditing. Companies in the top quartile of revenue in Europe have very little difference of 5% in cost for joint- auditing and single-auditing. This can be attributed to the fact that as the load of work increases the work is more efficiently distributed which is not the case amongst the lowest quartile of companies where joint- auditing will cost 28% higher compared single auditing.

trend-2

Competitive Landscape

A complete background analysis of the Europe audit services market, including the assessment of the economy and contribution of the sectors in the economy, market overview, market size estimation for key segments and emerging trends in the market segments, market dynamics and insights, along with key health statistics, is covered in the report.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Internal Audit

      2. 5.1.2 External Audit

    2. 5.2 Service line

      1. 5.2.1 Operational Audits

      2. 5.2.2 Financial Audits

      3. 5.2.3 Advisory and Consulting

      4. 5.2.4 investigation Audit

      5. 5.2.5 Information System Audit

      6. 5.2.6 Compliance Audit

      7. 5.2.7 Other

    3. 5.3 Geography

      1. 5.3.1 UK and Ireland

      2. 5.3.2 Germany

      3. 5.3.3 France

      4. 5.3.4 Italy

      5. 5.3.5 Netherlands

      6. 5.3.6 Spain

      7. 5.3.7 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Deloitte

      2. 6.3.2 EY

      3. 6.3.3 KPMG

      4. 6.3.4 PwC

      5. 6.3.5 A.T. Kearney

      6. 6.3.6 Grant Thornton LLP

      7. 6.3.7 Bain & Company

      8. 6.3.8 BDO USA

      9. 6.3.9 Rodl and Partners

      10. 6.3.10 Alvarez & Marsal*

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing regulations in Audit services*

**Subject to Availability

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Frequently Asked Questions

The Europe Auditing Services Market market is studied from 2016 - 2026.

Deloitte, KPMG, EY, PwC, BDO are the major companies operating in Europe Auditing Services Market.

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