The forensic accounting field has been steadily growing, largely driven by the increased incidence of fraud and finance-related cybercrimes.
The rise in demand for work from home and remote working policies has led to growth of global remote and automated accounting solutions, hence empowering demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions.
Among many trends prevailing in the industry, AI has taken the center stage. The utilization of these AI platforms greatly improves the efficiency of forensic audits and reduces the timeline of work performed. Furthermore, AI platforms improve the efficiency of their audits and investigations to detect fraudulent activity when internal controls fail or are circumvented.
Moving forward, the worldwide forensic accounting industry is expected to reach $11.6 billion growing at a CAGR of 5.7 percent from 2022 to 2031, owing to a significant increase in financial fraud and tax-evasion cases across the world.
To spotlight such key developments in the industry, Financial Services Review illustrates how key players in the forensic accounting space are driving greater changes in the accounting and auditing fields and reshaping the future of finance. The edition also features thought-provoking articles from Jeff Banaszak, Chief Financial Officer at Creative Dining Services; Mark Brown, Chief Security Officer at SouthState Bank; and Bill Huber, Chief Financial Officer at VELUX.
In this edition of Financial Services Review, we also bring to you the story of some of the most promising forensic accounting companies that strive to quickly recognize the modus operandi and structure investigations to help clients identify corporate malpractices. In that list, McLaren & Associates stands out for providing the right mix of forensic accounting services to investigate financial fraud to help clients receive the best possible outcome of their case. We also share the story of RT Forensic Accountants (RTFA) with its unique depth of talent and over 100 years of collective experience in damage collections and risk transfer to validate the efficacy of clients’ insurance coverages. Through the following pages, we aim to shine a light on emerging trends in the forensic accounting industry. We would like to know your thoughts.
