Економіка, управління та адміністрування (Nov 2023)
Trends in the development of audit services market: international and domestic perspectives
Abstract
The article is dedicated to exploring trends and prospects in the development of the international and domestic audit services markets. The authors examine key factors influencing the growth of audit firms and analyze the challenges and risks they encounter. The most common types of audit services are analyzed, including financial statement audits, tax consulting, risk management, and others, as well as various additional services provided by audit firms. Special emphasis is placed on the largest international audit companies, known as the "Big Four," and their key differentiators such as size, specialization, and technological approach. Factors influencing the prospects of the international audit services market are investigated, including increasing demand, business globalization, innovation, sustainable development, and changes in the regulatory environment. Furthermore, the authors explore trends in the growth of service volumes, expansion of client bases, and diversification of services offered by audit firms in Ukraine. Based on data from the Audit Chamber of Ukraine, figures are provided regarding market growth and differences in volumes over specific years. The article analyzes factors contributing to this growth, such as the expansion of mandatory audits and the implementation of international audit standards. Another aspect of growth is highlighted – increasing client numbers – as well as the approaches taken by audit firms to expand their service spectrum in the market. Additionally, examples of promising directions for the development of the audit services market in Ukraine are presented, such as climate and energy audits, advisory audits, IT audits, and more. The quality of auditors' professional training, the utilization of analytical tools and IT technologies for the successful development of these directions, is considered crucial.
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