CATEGORY

External Audit Services

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Category Alerts


CATEGORY ALERTS

EY to pay a record fine over cheating on an ethics exam and misleading the investigators

June 30, 2022
alert level: Medium
CATEGORY ALERTS

SEC fines RSM for improper conduct charges

October 06, 2022
alert level: Low
CATEGORY ALERTS

PwC achieves record revenue with 7.6 percent growth in the assurance service line

October 11, 2022
alert level: Low

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External Audit Services Market Monitoring Dashboard


Supply Demand

Understand the correlation between costs, margins, and prices impacting your category on a real time basis on Beroe LiVE.Ai™

External Audit Services Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in External Audit Services category is 10.00%

Payment Terms

(in days)

The industry average payment terms in External Audit Services category for the current quarter is 66.0 days

Compare your category performance against peers and industry benchmarks across 20+ parameters on Beroe LiVE.Ai™

Category Strategy and Flexibility

Engagement Model

Supply Assurance

Sourcing Process

Supplier Type

Pricing Model

Contract Length

SLAs/KPIs

Lead Time

Supplier Diversity

Targeted Savings

Risk Mitigation

Financial Risk

Sanctions

AMEs

Geopolitical Risk

Cost Optimization

Price per Unit Competitiveness

Specification Leanness

Minimum Order Quality

Payment Terms

Inventory Control

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    External Audit Services Suppliers


    4,929
    Total Suppliers
    225
    Diverse Suppliers
    78
    Normalized Supplier Rating
    External Audit Services Supplier

    Find the right-fit external audit services supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    ACCENTURE PUBLIC LIMITED COMPANY
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

    dnb logo

    Up to 3 months

    1 9
    6
    Low Risk High Risk

    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
    58

    100
    Robust (1)
    ESG Perfomance (/100)
    Environment
    90
    Social
    42
    Governance
    67
    6 Domains Performance (/100)
    Business behaviour
    58
    Human rights
    55
    Community Environment
    54
    Corporate governance
    72
    Human resources
    29
    Security Scorecard
    97

    Threat indicators
    A
    95
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    100
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    A
    98
    Application Security
    Detecting common website application vulnerbilities
    A
    94
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    99
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    accenture.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    9
    Human Rights Issues
    0
    Production Supply Chain Issues
    3
    Environmental Non Compliance Flags
    12
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    5
    Fraud Issues
    2
    Labor Health Safety Flags
    6
    Regulatory Issues
    3
    Workforce Disputes
    1
    Sanctions
    0
    esg energy transition
    80
    Discrimination Workforce Rights Issues
    5
    esg controversies critical severity
    No

    External Audit Services market report transcript


    In 2019, the global external audit services industry was valued approx. $96 billion, and it is expected to grow at approx. 4–5 percentto reach
    $100 billion in 2020.

    Market Drivers and Constraints

    Drivers
    • Statutory audit is a mandatory requirement worldwide
    • Emerging regulatory issues and standards are driving demand for high quality audit

    Constraints
    • Supplier focus on non-audit services
    • Commoditized nature of audit services
    • Talent retention

    Supplier Power:

    • Factors responsible for high supplier power: High auditor switching costs* and absence of substitutes in the industry. Big Four command greater bargaining power owing their greater market share
    • *Note: Auditor switching costs are usually 20–50 percent of the annual audit fee.
    • Factors limiting supplier power: Mature buyer organizations, presence of tier II firms and commoditized nature of services.

    Barriers to New Entrants:

    • Barriers to entry: Highly regulated industry. Key entry barriers: capital investment*, intense industry competition, existing buyer–supplier relationships, and experience/reputation of existing suppliers
    • *Note: Capital investment on labor and technology
    • Enablers for new entrants: Mandatory auditor rotation regulation and upcoming economic reforms in the developing economies

    Intensity of Rivalry:

    • High Industry Rivalry: Intensity of rivalry is high, due to concentrated nature of the industry, commoditized nature of services and two third market share of Big Four firms
    • Forces acting against intense competition: high auditor switching costs; product differentiation via technology and client service

    Threat of Substitutes:

    • Mandatory legal requirement: Audit is a legal requirement for all public companies, government institutions, and privately owned companies by all jurisdictions (and regulators) around the world. Globally, there is no substitute available for external audit

    Buying Power:

    • Factors responsible for sufficient buyer power: Mature buyers having considerable audit spend, well-defined quality/service parameters and internal control procedures. Presence of tier II firms also increases buyer power
    • Factors limiting buyer power: High auditor switching costs and Big Four audit firms service quality.