| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 50.24 Billion |
| Market Size (2029) | USD 59.01 Billion |
| CAGR (2024 - 2029) | 3.27 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Audit Market Analysis
The US Auditing Services Market size is estimated at USD 50.24 billion in 2024, and is expected to reach USD 59.01 billion by 2029, growing at a CAGR of 3.27% during the forecast period (2024-2029).
In recent decades, market consolidation has become a prominent trend, as auditing firms strategically acquire global accounting entities to broaden their service offerings and improve existing auditing services. This trend has led to a notable decrease in the number of global audit firms, consolidating major players into what is commonly referred to as the Big Four.
In the United States, this consolidation is particularly pronounced, where the Big Four accounting firms collectively audit nearly 97% of the total US S&P 500 market capitalization. The concentration is even more pronounced in specific industries, with one or two firms dominating certain sectors. For instance, the leading auditing service provider in the US telecommunications services sector encompasses nearly 92% of the S&P 500 market capitalization. Similar scenarios exist in industries such as energy, materials, and information technology, where the top two service providers control at least 75% of the S&P 500 market capitalization. Recent market drivers and opportunities encompass technological advancements, regulatory changes, and increasing demand for specialized audit services, driving the evolution of the US Auditing Services Market.
US Audit Market Trends
Declining Quality of Auditing from the Big 4
Considering the high concentration of the audit service market in the US, investors raised issues with the probability of a lower concentration of audits, which can also result in lesser protection for investors. A ban or suspension on any of the firms could include a catastrophic effect on the market as it would create a huge void that the rest of the markets cannot handle. And considering the same, these firms are reasonably assured about their position from audit regulators. Auditors are fast becoming complacent and are already eliminating certain audit procedures to reduce costs, taking on riskier clients, consenting to the demands of management, and aggressively expanding their riskier non-audit service line under the trusted audit firm brand, which would only increase the auditing standards.
The major factor for this can be how the Big 4 firms and their subsidiaries work. These subsidiaries act as legally distinct business affiliates more than subsidiaries of the global networks, which share the same ethos. Unless regulators take firm action, the quality of the audits is expected to decline further.
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Big 4 firms Increase the Auditing Fee as the Tenure Grows
One significant evidence of why the big four firms are monetizing on the lack of competition or regulation is the increased auditing fees for tenured companies. While convention dictates that firms should charge less to their tenured clients who provided the business for a long time, the same doesn't hold for the big four firms in the US.
The justification firms give for such a hike is the increasing workload as the business grows, and the changing corporate structure resulted in its toll on auditing. However, the same doesn't hold for non-big 4 firms whose fees remain flat and marginally decreasing. Big 4 firms, on average, charge their customers 32% higher fees in the 14th year compared to a 6% decline in fees by non-big 4 auditing firms in the same period. The fee increase is a direct consequence of these companies' power in the auditing space. Considering the list of bans imposed in other countries, it is only a matter of time before these companies are asked to follow stricter regulations.
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US Audit Industry Overview
A complete background analysis of the US 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. Players including Deloitte, KPMG, EY, PwC, and RSM US, among others have been profiled in the report.
US Audit Market Leaders
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Deloitte
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KPMG
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EY
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PwC
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RSM US
- *Disclaimer: Major Players sorted in no particular order
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US Audit Market News
- In May 2023, Deloitte and Google Cloud have recently bolstered their decade-long alliance, with a specific focus on deploying Google Cloud's cutting-edge Generative AI capabilities across various industries.
- In May 2023, after partnering with Microsoft, the EY company unveiled over 20 new Assurance technology capabilities. This marks the end of the first year of a four-year investment exceeding USD 1 billion to deliver the company's next-generation Assurance technology platform.
US Audit Industry Segmentation
Audit services mean the audit of annual financial statements and other procedures required by the statutory auditor to form an opinion on the company's financial statements and issue a report as required under section 143 of the Companies Act, 2013. The report covers a complete background analysis of the US property management market. It includes the assessment of the economy and the contribution of the economic sectors, market overview, market size estimation for key segments and emerging trends in the market segments, market dynamics, insights, and key statistics.
The US Auditing Services Market is segmented by type, service line. By type, the market is sub-segmented into internal audits and external audits. By service line, the market is sub-segmented into operational audits, financial audits, advisory and consulting, investigation audits, information system audits, compliance audits, and others. The report offers the market sizes and forecasts in value (USD) for all the above segments.
| Type | Internal Audit |
| External Audit | |
| Service line | Operational Audits |
| Financial Audits | |
| Advisory and Consulting | |
| Investigation Audit | |
| Information System Audit | |
| Compliance Audit | |
| Other |
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US Audit Market Research FAQs
How big is the US Auditing Services Market?
The US Auditing Services Market size is expected to reach USD 50.24 billion in 2024 and grow at a CAGR of 3.27% to reach USD 59.01 billion by 2029.
What is the current US Auditing Services Market size?
In 2024, the US Auditing Services Market size is expected to reach USD 50.24 billion.
Who are the key players in US Auditing Services Market?
Deloitte, KPMG, EY, PwC and RSM US are the major companies operating in the US Auditing Services Market.
What years does this US Auditing Services Market cover, and what was the market size in 2023?
In 2023, the US Auditing Services Market size was estimated at USD 48.60 billion. The report covers the US Auditing Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Auditing Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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US Audit Industry Report
Statistics for the 2024 US Audit market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Audit analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
