State Of Audit Efficiency Report

Forward-Looking Statements

State of Audit Efficiency Report

Explore insights from 43 U.S.-based auditors polled on how they spend their time and where the biggest challenges and opportunities exist for 2025.

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Audit season: manual mania

In 2024, auditors say they spent a lot of time manually preparing audit documentation.

A whole lot of time…

Manual processes don’t end there

While it’s not a competition, there is a leaderboard.

51%

spend more than 10 hours per week on data reconciliation

Data reconciliation

51%

spend more than 10 hours per week on data reconciliation

59%

spend more than 5 hours per week reading contracts and extracting data

Reading contracts and extracting data

59%

spend more than 5 hours per week reading contracts and extracting data

30%

spend more than 5 hours per week manually hunting for math errors

Ticks and ties for math errors

30%

spend more than 5 hours per week manually hunting for math errors

12%

spend more than 4 weeks per client on reviews and approvals; 28% spend 2-4 weeks per client

Reviews and approvals

12%

spend more than 4 weeks per client on reviews and approvals; 28% spend 2-4 weeks per client

Tedious tools, siloed data

Old-school spreadsheets are still the backbone of the modern audit process.

Life in the ‘Cel

Turns out, Excel may be holding teams back. All these siloed spreadsheets—created, shared, tweaked and retweaked—cause a lot of organizational pain. And, make it tough to implement better solutions like AI.

Biggest reported challenges with Excel:

49%

Time-consuming reconciliations

42%

Manual data entry errors

5%

Limited collaboration capabilities

4%

Version control issues

Delays For Days

How often do manual errors result in rework or delays?

If that weren’t painful enough, it turns out that human error is real – and causes real rework.

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