Over the past five years, the Forensic Accounting Services industry has benefited from a mounting focus on the impact of fraud among domestic corporate clients. As improved internal controls and audit functions are considered important methods to prevent economic crime, forensic accountants are often employed to make sure fraud is not being committed. Over the past five years, companies have increasingly relied on outside consultants, rather than in-house personnel, to investigate on their behalf. However, not all firms have grown at the same pace, with a number of distinctions existing between the average industry operator and the largest players, notably the Big Four professional services firms. Over the five years to 2022, the acceptance of the industry's services, including those related to valuation, fraud and economic damages, is expected to continue its ascent. However, the forecast decline in the number of domestic bankruptcies has the potential to temper industry revenue from its role as expert for the receiver or trustee, debtor or creditor's committee in these proceedings. This industry provides services that apply accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial fraud and white-collar crimes. They also provide litigation support to attorneys and law enforcement agencies that investigate financial wrongdoings.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.