Gartner defines the external audit services market as professional services dedicated to providing independent evaluations of an organization’s financial statements and controls. These third-party-managed services ensure accuracy, reliability and integrity of financial reporting, while enhancing transparency. The market encompasses service providers that offer expertise in financial statement audits. Auditors’ independent assessments aid stakeholders in making informed decisions based on the financial health, regulatory reporting requirements and compliance status of the organization. This oversight minimizes financial mismanagement and fraud, thereby protecting the interests of all stakeholders involved. Audit services are regulated by professional bodies and standards boards, and auditors must adhere to strict professional standards and ethics to maintain their license and practicing rights.
Finance Transformation Implementation Consulting market is composed of firms that help finance leaders execute on predefined finance transformation strategies to improve their day-to-day operations and management practices. Service providers operating in this market demonstrate a range of project delivery capabilities – these include project management capabilities, process improvement capabilities, and technology implementation and adoption capabilities. The finance leaders most likely to engage this market are Group CFOs and Heads of Finance Transformation. This market differs from the Finance Transformation Strategy Consulting which focuses on helping CFOs and their finance organizations define strategies and execution roadmaps across multiple business-aligned, forward-looking initiatives.
Gartner defines the finance transformation strategy consulting market as engagement services that enable CFOs and their finance organizations to define strategies and execution roadmaps across multiple business-aligned, forward-looking initiatives. These engagements use dedicated external finance subject matter experts and transformation delivery assets with the aim to increase the value that finance provides to the organization, while maximizing functional efficiency through appropriate cost and process improvements.
Internal audit services are a systematic and independent evaluation of an organization's operations, internal controls, risk management and governance processes. It is conducted by an internal audit team or in combination of co-sourced and outsourced teams, which operates independently and reports directly to the board of directors or an audit committee. The auditing team also ensures through their assessment that organization adheres to applicable policies, procedures, laws, regulations, and industry standards, along with identifying gaps and making recommendations for their improvements. Furthermore, organizations periodically undertake EQA to assure stakeholder that their internal auditing services are in line with professional standards.
Security certification services are used to provide assurance that products and services meet minimum standards of due care related to security programs and practices. These services include certification and attestation against voluntary or mandated standards and guidance, the most common of which are the: • International Organization for Standardization (ISO) 27001 • Payment Card Industry (PCI) Data Security Standard (DSS) • Health Information Trust Alliance (HITRUST) • Health Insurance Portability and Accountability Act (HIPAA) • Health Information Technology for Economic and Clinical Health (HITECH) • Cloud Security Alliance (CSA) Security, Trust and Assurance Registry (STAR) • System and Organization Control (SOC) 2