Report suggests that Audits Stifling Business Growth

A recent study reveals that 67% of U.S. organisations feel that traditional audits are hindering their growth. The research, conducted by audit software provider Inflo, involved finance teams from 250 businesses, highlighting the stress and disruption caused by audits. Many find the audit process slow and cumbersome, with 25% of respondents feeling "burnt out" by it.

Despite the challenges, there's a silver lining—95% of respondents believe that annual audits offer valuable data-driven insights that can promote business growth. Moreover, a significant 72% see these audits as a chance to enhance operations.

The report calls on accounting firms to modernise and adopt technology like cloud-based software to streamline processes. This shift could not only alleviate stress on finance teams but also provide more relevant, data-driven insights to support strategic business decisions. As the demand for more effective audit services grows, embracing innovation could redefine the future of auditing.