Auditors remain heavily reliant on manual processes, with 73% spending over half their time on spreadsheet-based tasks like reconciliations, data extraction, and outdated workflows, with just 33% currently using artificial intelligence (AI) in their operations, according to recent research by accounting software company Trullion.聽
The findings highlight a contrast in how auditors and accounting teams tackle inefficiencies.
Nearly half of the auditors surveyed cited reconciliations as their top challenge, with more than 70% spending five to 20 hours weekly on this task.
Additionally, more than half of the auditors are burdened with extracting data from unstructured PDFs for more than five hours each week, leading to bottlenecks and review delays in audit processes.
Although 79% of auditors are using technology to automate parts of their workflow, only one-third have embraced AI.
In addition, 59% of finance executives considering AI adoption to automate reporting and decision-making.聽
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By GlobalDataThe research indicates that 60% of finance professionals believe AI will alleviate manual workloads, allowing for more strategic tasks.
Moreover, one-quarter are planning to recruit AI specialists within the next year.
Despite this, 21% think it’s premature to measure AI’s value, though two-thirds are monitoring productivity and cost reductions.
Trullion’s findings suggest that AI-powered solutions could reduce the time auditors spend on data reconciliation.
Finance leaders and controllers view AI as a means to obtain real-time insights, minimise manual errors, and improve job satisfaction.
Trullion CEO Isaac Heller said: 鈥淎uditors and accounting teams are bogged down by manual tasks that could be eliminated with modern technology, and these leaders are increasingly leveraging AI to drive efficiency and strategy.
鈥淭his isn鈥檛 to say that auditors aren鈥檛 ready to innovate, it just reveals how both sides are feeling the pain of labour shortages and complicated compliance changes. This is what Trullion has been hearing for years and is trying to bridge this gap.鈥�
These insights are based on two surveys conducted by Trullion in the fourth quarter of 2024.
The State of Audit Efficiency survey in November 2024 involved 43 US-based auditors, while the Finance and Accounting Forecast survey in October 2024 included 99 Financial Executives International community members.聽
