Financial Auditing Professional Service in Thailand Trends and Forecast
The future of the financial auditing professional service market in Thailand looks promising with opportunities in the BFSI, government, manufacturing, healthcare, retail & consumer, and IT & telecom markets. The global financial auditing professional service market is expected to grow with a CAGR of 7.8% from 2025 to 2031. The financial auditing professional service market in Thailand is also forecasted to witness strong growth over the forecast period. The major drivers for this market are the increasingly complex regulations and standards that necessitate professional auditing services and a rising number of cross-border transactions and operations, which require comprehensive auditing to ensure consistency and transparency.
• Lucintel forecasts that, within the type outlook category, internal audits are expected to witness higher growth over the forecast period due to increased emphasis by organizations on adeptly handling financial risks and boosting overall performance.
• Within the end-use category, BFSI will remain the largest segment due to increasing occurrences of banking fraud globally.
Emerging Trends in the Financial Auditing Professional Service Market in Thailand
A move towards achieving optimal financial transparency in Thailand is leading the country, Southeast Asia’s second-largest economy, to adapt to new technologies and modern auditing practices. There is a greater push towards achieving sustainability goals at the global level, which has also increased auditors’ regulatory obligations regionally. Corporations today are using rationale-emotive tools and methods to fulfill the required level attained during an audit, and audit practitioners are adding value by offering ESG (Environmental, Social, and Governance) auditing. Such changes are impacting the global market and transforming business and audit firms’ value chains. These developments mark a shift in the professional service industry, allowing unprecedented growth.
• Changing the Audit Paradigm to Make it Digital: Certain sectors of the Thai economy are adopting AI and automation in the auditing process, increasing the rate of cloud computing integration within the region. These emerging technologies make the auditing process more accurate, reduce human errors, and empower real-time data analysis. Firms that have readily adopted these technologies need to deliver value-added services to clients by performing audits more accurately and in less time. Otherwise, they stand to lose in the highly competitive market. Auditing firms that have adopted digital transformation will have real-time insights, while those that have not will lose out to fierce competition, inducing greater risk in stepping into the Thai market.
• Give Consideration to ESG Compliances – Environmental, Social, and Governance within Thailand: ESG incorporation is a critical aspect of the auditing profession in Thailand. As Thailand tries to catch up globally, there is a sharp rise in the offering of specialized ESG auditing services to help firms set sustainability goals that closely conform to global standards. The push is greatly stimulated by certain stakeholders’ demands, including investors and regulators, who expect companies to integrate transparent reporting of their environmental and social impacts. Through the adoption of ESG audits, companies set default targets, improve their image, and sustain focus within maturing business circles.
• Adoption of Blockchain Technology in Accounting Audits for the Improvement of Manipulation and Fraud Prevention: Thailand is witnessing a rapid adoption of blockchain technology in the area of financial auditing, attributed to the need for enhanced transparency, security, and accuracy. With this technology, auditors can now independently confirm transactions and lower the risk of fraud by providing tamper-resistant records of transactions. The provision of verifiable and tamper-resistant data trails is the main advantage of this technology for multinational corporations. More vulnerable sectors like finance and healthcare have greatly benefited. The advances in blockchain technology will improve accountability within audit procedures and enhance the reliability of financial statements.
• Rise in Compliance Adherence and Risk Management Activities: The healthcare, finance, and energy sectors are facing complex regulations, and Thai firms are having a hard time meeting local and global compliance requirements. Compliance audits are growing in prominence and purpose as financial audit firms seek to expand their service scope beyond traditional financial audits. While legal issues and penalties are bound to occur if business operations lack compliant procedures, by focusing on risk management and compliance strategy, audit firms can enable their clients to run business operations within stringent legal environments seamlessly.
• Intelligent Data Auditing and Other Peripheral Applications: A great impact is being observed on the auditing industry in Thailand as a result of data analytics. The new tools have a profound effect on company performance, risks, and trends, with the ability to analyze a significantly larger set of financial data. These tools enable earlier technical possibility and risk assessments, as well as provide better assistance regarding big-picture decisions. With advanced analytics, audit firms transform from regulatory compliance service providers to strategic advisors.
In Thailand, the financial auditing market is undergoing significant changes due to digital transformation, blockchain technology, and the rise of ESG auditing, all of which increase efficiency, security, transparency, and compliance. Firms have started helping their clients with data-driven analytics, using complex regulatory compliance as a challenge to provide deeper insights and strategic value. As a result, the role of audit firms is being transformed to deliver higher-value services, elevating their competitiveness and requiring them to continue innovating.
Recent Developments in the Financial Auditing Professional Service Market in Thailand
In Thailand, the market for financial auditing has shifted with the adoption of new technologies, as well as changes in regulations. As businesses strive for more efficiency and transparency, auditors are adopting new tools and practices to evolve their services. These changes are fundamentally altering the landscape of professional services and have considerable repercussions for critical sectors such as finance, healthcare, and energy. The focus of the market today is on regulatory compliance, digital transformation, and ESG auditing practices that can foster global competitiveness and sustainable growth.
• Digital Transformation and AI Integration: The adoption of AI and modern digital tools in auditing is one of the most impactful shifts in Thailand. With AI, standard operating procedures are streamlined, boosting productivity. Remote access increases service availability, and real-time analysis enables speedy decisions. Firms that have adopted these technologies can serve the market with improved accuracy and speed, putting them ahead of the competition. The benefits of this advancement go beyond operational performance; it raises the quality of services provided to clients and increases the value of audits.
• Surge in Demand for ESG Audits: Companies attempting to integrate into global sustainability frameworks have identified Environmental, Social, and Governance (ESG) regions as very important. In Thailand, there has been an increased demand for ESG auditing services as companies try to comply with regulations set by investors, stakeholders, and other relevant parties. Auditors today have shifted toward examining the company’s sustainability activities and providing advice on their ESG compliance strategies. With Thailand trying to foster a more sustainable business culture, the professional services industry is adjusting to these developments by adopting sustainability-focused ESG audits that bolster transparency and ethics in business reporting.
• Innovations: Thailand’s financial auditing industry is adopting new technological innovations that bolster transparency, security, and accountability for all parties involved in audits: Blockchain. Auditors can now independently verify company transactions, which decreases the risk of fraud and allows for accurate financial statements to be produced and recorded in an incorruptible database. This advancement is exceptionally beneficial to internationally based corporations that tend to operate in industries with more intricate financial arrangements. The shift to blockchain by audit firms is improving the efficiency of their audit work, which in turn increases the value of the financial information presented and enhances investor trust.
• Enhanced Risk Management and Compliance Activities: With recent changes in rules and regulations, the finance, healthcare, and even energy sectors in Thailand have begun practicing risk management and compliance auditing. Firms today have specific requirements for auditing firms that can assist them in these complex regulations. Audit firms have expanded their services to include compliance audits, ensuring that businesses meet both local and international regulations. This assists firms in avoiding legal ramifications while simultaneously improving their market operations, making the business sustainable in the long run.
• Incorporation of Auditing Data Analytics: These new changes are revolutionizing the practice of auditing in Thailand through the use of data analytics tools. Auditors are now using their data analytical skills to identify trends, risks, and opportunities in business as never before. This technology enables audit firms to analyze large amounts of data, forecast financial risks, and make more calculated decisions regarding client relations. Therefore, audit professionals are no longer just compliance-focused but are instead transforming into strategic partners who assist companies in making data-backed decisions.
The adoption of digital tools, blockchain, ESG auditing, compliance, and data analytics has revolutionized and continues to improve the efficacy, transparency, and integrity of audits within Thailand’s financial auditing sphere. With the unfolding of these transformations, auditing firms will be able to provide value-added services and become more competitive to cater to the increasing regulatory complexities in the ITAM industry. These developments are expected to improve the effectiveness of firms’ audit and compliance services within Thailand.
Strategic Growth Opportunities for Financial Auditing Professional Service Market in Thailand
New opportunities are emerging because the ITAM industry cannot afford to stagnate amidst relentless and potent scientific, political, and ongoing demands for more sustainable and transparent information. The professional service market provides an accelerating advancement opportunity for the technological application and services sectors of Thailand’s financial auditing. Thailand’s financial auditing industry has new growth opportunities because information and communication technologies are rapidly advancing and correlating with the industry.
• Integration of AI and Automation: Thailand’s auditing industry is witnessing impressive growth because of the incorporation of AI and automation. Auditing firms can automate repetitive tasks and improve productivity using AI-enabled tools. Auditors can evaluate a client’s specific data more efficiently and precisely, ensuring that clients receive value-added services. This transformation helps audit firms remain competitive in the face of technological advancements, and clients get faster and more accurate audits.
• Development of ESG Audits Growth Services Branch: As nearly everyone focuses on sustainability, financial auditors in Thailand must diversify and promote their ESG audit services. Companies need to comply with regulators and stakeholders concerned with environmental and social issues. ESG audits focus on assessing the social and environmental aspects of a company’s governance, and audit firms do not need to hesitate before meeting such growing demand. Sustainability will continue to be a priority, so the demand for these services will be constant, giving audit firms endless growth opportunities.
• Blockchain Auditing for Improved Transparency: Audit firms can benefit from blockchain technology, as it offers solutions for improving trust in financial transactions. By incorporating blockchain into auditing, firms will provide verifiable records of transactions that cannot be altered or manipulated. This is especially helpful for businesses in complicated and risky sectors like finance and healthcare. The heightened adoption of blockchain technology in auditing will enable firms to enhance accuracy, reduce instances of fraud, increase client trust, and consequently, enable the firms to prosper in a more highly digitized and regulated economy.
• Risk and Compliance Advisory Services: With Thailand emerging as an economic entity in the Southeast Asian region, the regulatory landscape is becoming more complex, and audit firms will have a chance to expand their services by offering risk and compliance management consultancy. Companies working in healthcare, financial services, and energy sectors require advice on how to meet not only local regulations but international regulations as well. By offering compliance audits and risk management consultancy, audit firms will help their clients mitigate legal sanctions and enable them to remain within legal bounds. This change enables audit firms to widen their portfolio of services as well as have a value-adding impact on their clients’ businesses.
• Strategic Auditing through Data Analytics: Data analytics has enhanced auditing services by allowing firms to offer comprehensive insights on business performance. With the use of new data analytics technologies, auditors can now work with large datasets, pinpoint financial risks, and make informed decisions. Data analytics will enable audit firms to advance from compliance-driven audits to value-adding strategic and advisory services. This makes it possible for firms to transition from regulatory auditors to business consultants as their value grows.
In Thailand, there are ample strategic growth opportunities for professional services within the financial auditing sector. This is especially true with the rise of AI, blockchain, ESG auditing, risk mitigation, and analytics. These forces are restructuring the market, enabling firms to better serve their clients with actionable and insightful data. Companies are continuously evolving in these aspects to satisfy the increasing market need, enhance competition, and increase revenues.
Financial Auditing Professional Service Market in Thailand Driver and Challenges
The landscape of the professional financial auditing services market in Thailand is changing in several ways, such as through technology, the economy, and new policies. These drivers and challenges determine the audit market’s demand and the operational strategies of firms. The integration of new technologies like AI and blockchain into auditing and other economic activities creates added efficiencies. At the same time, audit firms also experience economic changes and new regulations that work in their favor or against them. Thus, firms must understand these challenges to effectively position themselves in such a dynamic market, which would lead to sustainable growth.
The factors responsible for driving the financial auditing professional service market in Thailand include:
• New Technology Developments in Thailand (AI and Robotics): Auditing in Thailand has greatly benefited from AI and advanced robotics due to the extensive substitution of manual work with these systems, which allow for more sophisticated data analysis. These new systems make it possible to complete audits faster, use less money, and make fewer mistakes. AI allows for the rapid examination of massive amounts of data, and automation increases the speed of analysis, aids in decision-making, and provides real-time monitoring. Furthermore, automation allows firms to shift focus to more strategic functions while increasing productivity and the value delivered. Because of the scheduled timing of output, there is no need for the systems to be more sophisticated than necessary for the given business objectives. Thus, firms that have adopted these technologies benefit from faster, easier, and more precise audits.
• Rise in Interest Toward ESG Audits: All corporations in Thailand now need to keep in mind Environmental, Social, and Governance (ESG) metrics, mainly because of a global shift toward sustainability. With companies being more accountable for their social and environmental activities, ESG audits are in high demand. This concern is especially important when companies try to comply with the law and address stakeholder interests. Many audit firms are taking advantage of this by offering exceptional ESG auditing, which allows companies to firmly support sustainability and improve their reputation. This enables businesses to showcase how well they respect social responsibility. These considerations are changing auditing firms into key business partners for clients grappling with ESG compliance issues.
• Economic Development Along with Evolving Sectors: The combination of economic progression and the development of more modern industries in the core of Thailand is driving the need for services like comprehensive financial auditing. New businesses in the expanding fields of healthcare, information technology, and advanced manufacturing industries are establishing professional auditing firms. Transparency, accuracy, and compliance are crucial elements that became necessary with the emergence of new industries and their complexities, which increase overall international business financial activities. Therefore, more auditing firms are entering the market with unique offers for sophisticated audit services and benefiting from low economic competition.
• New Policies and Compliance Obligations: Changes to local and international laws consistently affect the financial auditing industry in Thailand. Particularly regarding tax laws and financial reporting standards, there has been an increase in compliance needs, which have subsequently increased the demand for auditors. Such laws are critical and can be found in sectors like finance, healthcare, and energy, all of which face severe legal and economic ramifications due to non-compliance. Understanding these evolving regulations helps firms effectively sustain compliance and maintain risk-averse business environments. Thus, the progressive policies of audit firms have helped improve compliance at costs that are not deemed burdensome.
• Exploring New Implementations like Blockchain: Blockchain technology is rapidly growing in other sectors and is quickly being adopted in the financial auditing industry in Thailand due to its capabilities for enhanced security and transparency in financial reporting. Blockchain technology permits auditors to confirm transactions instantly, thus lowering the chances of fraudulent acts. This technology improves the level of trust between auditors and companies or investors regarding the authenticity of the financial data presented. With the increased adoption of blockchain technology and its integration into audit services, firms across varied industries that deal with complex finances will be assured of receiving quality financial audits, thus expanding the client base.
Challenges in the financial auditing professional service market in Thailand are:
• Concerns Around the Safety and Confidentiality of Information Accuracy in Auditing: As digital tools like AI and blockchain are more widely used for auditing purposes, they pose a serious challenge as data security and privacy become matters of concern. Audit institutions work with sensitive financial data, and breaches may have dire consequences, such as loss of reputation or legal repercussions. Thus, firms must invest in cybersecurity to handle client information and meet privacy regulations. The challenge is figuring out how to secure large amounts of sensitive information in order to pass compliance standards while simultaneously staying informed about new threats and security issues. It is definitely not an easy task.
• Demand and Supply Gap for Talent: With increasing service delivery expectations in areas such as auditing, firms have started looking for professionals skilled in emerging technologies and specialized audit practices, such as ESG audits. Unfortunately, qualified auditors in Thailand lack proficiency in artificial intelligence, blockchain technology, and ESG compliance. Closing this talent gap will be a challenge for firms wanting to expand their service lines and fulfill market needs. As a solution, audit institutions can focus on training and development initiatives or outsource the more complex specialized functions to third-party professionals.
• Market Competition and Differentiation: In Thailand, the field of financial auditing is rapidly growing competitive. Both local and international companies are striving to capture market share. As firms try to remain competitive, the advancement of technology has severely complicated their efforts to stand out from their competitors’ service offerings. The competition has become fierce regarding the need for continual innovation and the provision of highly specialized services such as ESG audits or blockchain-based auditing. This challenge is particularly difficult for small enterprises that may not withstand the economic spending on technological advancement and the diversification of services offered by their larger competitors. To compete effectively, firms should focus on building strong client relationships and offering value-added services.
Professional service markets like financial auditing in Thailand are uniquely driven and challenged by regulation and technology, in concert with economic opportunity. The rapid changes in segments within Thailand’s audit sphere, coupled with increasing globalization, present numerous opportunities. However, data security, the lack of skilled labor, and intense market competition remain prominent barriers firms must overcome to compete. Firms that are willing to innovate while sustaining service excellence will have a competitive advantage under these economically aggressive market conditions, helping them grow in the fastest-changing market.
List of Financial Auditing Professional Service Market in Thailand Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies, financial auditing professional service companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the financial auditing professional service companies profiled in this report include:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Financial Auditing Professional Service Market in Thailand by Segment
The study includes a forecast for the financial auditing professional service market in Thailand by type outlook, service outlook, and end use.
Financial Auditing Professional Service Market in Thailand by Type Outlook [Analysis by Value from 2019 to 2031]:
• External Audit
• Internal Audit
Financial Auditing Professional Service Market in Thailand by Service Outlook [Analysis by Value from 2019 to 2031]:
• Employee Benefit Plan Audit
• Service Organization Control Audit
• Financial Statement Audit
• Due Diligence
• Others
Financial Auditing Professional Service Market in Thailand by End Use [Analysis by Value from 2019 to 2031]:
• BFSI
• Government
• Manufacturing
• Healthcare
• Retail & Consumer
• IT & Telecom
• Others
Features of the Financial Auditing Professional Service Market in Thailand
Market Size Estimates: Financial auditing professional service in Thailand market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends and forecasts by various segments.
Segmentation Analysis: Financial auditing professional service in Thailand market size by type outlook, service outlook, and end use in terms of value ($B).
Growth Opportunities: Analysis of growth opportunities in different type outlook, service outlook, and end use for the financial auditing professional service in Thailand.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the financial auditing professional service in Thailand.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What are the major drivers influencing the growth of the financial auditing professional service market in Thailand?
Answer: The major drivers for this market are increasingly complex regulations and standards necessitate professional auditing services and rising number of cross-border transactions and operations, which requires comprehensive auditing to ensure consistency and transparency.
Q2. What are the major segments for financial auditing professional service market in Thailand?
Answer: The future of the financial auditing professional service market in Thailand looks promising with opportunities in the BFSI, government, manufacturing, healthcare, retail & consumer, and IT & telecom markets.
Q3. Which financial auditing professional service market segment in Thailand will be the largest in future?
Answer: Lucintel forecasts that internal audits is expected to witness higher growth over the forecast period due to increased emphasis by organizations on adeptly handling financial risks and boosting overall performance.
Q4. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 10 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the financial auditing professional service market in Thailand by type outlook (external audit and internal audit), service outlook (employee benefit plan audit, service organization control audit, financial statement audit, due diligence, and others), and end use (BFSI, government, manufacturing, healthcare, retail & consumer, IT & telecom, and others)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.4. What are the business risks and competitive threats in this market?
Q.5. What are the emerging trends in this market and the reasons behind them?
Q.6. What are some of the changing demands of customers in the market?
Q.7. What are the new developments in the market? Which companies are leading these developments?
Q.8. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.9. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.10. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?