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Audit hindering growth: Two-thirds of businesses agree.

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Key Elements of Article

TLDR:

Key Points:

  • 67% of U.S. organizations feel the audit process hinders their business growth.
  • The stress of audits is attributed to the time it takes to prepare and the manual nature of the process.

Traditional audits are seen as time-consuming and stressful, hindering organizations from reaching their full growth potential. A new report from Inflo, an audit software provider, reveals that the majority of U.S. organizations find the audit process disruptive to day-to-day business operations. The stress of audits is twofold, with significant time and manual effort required in preparation. As a result, finance leaders consider audits a cause of anxiety, leading to burnout and potential turnover in managing roles.

Despite these challenges, the report shows that organizations still believe annual audits can provide valuable data-driven insights for business growth opportunities. However, there is a call for modernization in the audit process, with a focus on embracing technology to streamline operations and free up finance teams for strategic tasks like corporate strategy. Accounting firms are urged to advance their legacy tools and collaborate more effectively with auditors through cloud-based software.

Inflo CEO Mark Edmondson emphasizes the importance of providing organizations with the value they crave from audits, stating that modernization and data-driven insights are necessary to set a new standard in the industry. By equipping audit teams with the tools for more effective and collaborative services, accounting firms can better meet the demands of organizations in the digital business world.


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