$55.3bn
$X.Xbn
227k
23,691
$XX.Xbn
The Audit Services industry is defined by a culturally significant group of leading auditors, a wide range of clients and strong countercyclical demand. The ‘Big Four' audit companies (PWC, EY, Deloitte and KPMG) generate revenue from industries in almost every economic sector. Auditors in this industry typically audit similarly sized clients, so much of this industry is made up of non-employing and tiny companies. Also, unique to this industry, many audit services, including bankruptcy audits and financial statement reviews, are independent of or in opposition to the business cycle. This countercyclical demand helps the industry maintain exceptional profit and revenue growth, even during major economic disruptions.
Industry revenue has grown at a CAGR of 1.7 % over the past five years, to reach an estimated $55.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Deloitte Touche Tohmatsu | 8,386.2 | 167.7 | 2.0 | |
KPMG International Limited | 4,121.5 | 2.2 | 0.1 | |
EY | 2,704.7 | 575.2 | 21.3 |
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Industry revenue is measured across several distinct product and services lines, including Financial auditing for small-sized businesses (0-20 employees), Financial auditing for medium-sized businesses (20-500 employees) and Financial auditing for large-sized businesses (500+ employees). Financial auditing for small-sized businesses (0-20 employees) is the largest segment of the Audit Services in the US.
Financial auditing is a common practice for providers
This industry comprises accountants that are certified to audit the accounting records of public and private organizations and to attest to compliance with generally accepted accounting practices. Offices of certified public accountants (CPAs) in this industry include only those that audit financial statements.
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NAICS 54121 - Audit Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Revenue growth during the current period was negatively impacted by economic disruptions related to COVID-19 and recessionary fears. Despite this, countercyclical demand and ...
Learn about an industry's products and services, markets and trends in international trade.
Specialized and general audits are the two main services provided by auditors. Auditors review a company’s historical financial statements to ensure their accuracy and validi...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Business centers are natural breeding grounds for the industry. Auditors, especially specialized ones, rely on their proximity to downstream markets.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Auditors compete with one another for local business. Relatively low barriers to entry and localization raise internal competition.
Learn about the performance of the top companies in the industry.
Deloitte is the industry’s largest company. Headquartered in London, UK, Deloitte has offices around the world, with the United States being a major market.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Auditors must be licensed certified public accountants (CPAs). CPAs must complete an examination to be licensed. Other important regulations affecting this industry pertain t...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wages are the main expense for auditors, comprising nearly half of revenue. Auditing is a specialized skill that requires certification and training.
Including values and annual change:
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Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Audit Services in the US industry in United States is $55.3bn in 2024.
There are 23,691 businesses in the Audit Services in the US industry in United States, which has declined at a CAGR of 1.9 % between 2019 and 2024.
The market size of the Audit Services in the US industry in United States has been growing at a CAGR of 1.7 % between 2019 and 2024.
Over the next five years, the Audit Services in the US industry in United States is expected to grow.
The biggest companies operating in the Audit Services market in United States are Deloitte Touche Tohmatsu, KPMG International Limited and EY
Auditing services and Specialized auditing services are part of the Audit Services in the US industry.
The company holding the most market share in United States is Deloitte Touche Tohmatsu.
The level of competition is high and steady in the Audit Services in the US industry in United States.