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Auditors remain heavily reliant on manual processes, with 73% spending more than half their time on spreadsheet-based tasks such as reconciliations, data extraction and outdated workflows. and only 33% of them currently use artificial intelligence (AI) in their operations, according to a recent study. by accounting software company Trullion.
The results highlight a contrast in how auditors and accounting teams tackle inefficiencies.
Nearly half of auditors surveyed cited reconciliations as their top challenge, with more than 70% spending five to 20 hours per week on the task.
Additionally, more than half of auditors have to extract data from unstructured PDF files for more than five hours per week, leading to bottlenecks and delays in audit processes.
Although 79% of auditors use technology to automate parts of their workflow, only a third have adopted AI.
Additionally, 59% of finance leaders are considering adopting AI to automate reporting and decision-making.
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The study indicates that 60% of finance professionals believe that AI will alleviate manual workloads, allowing more strategic tasks to be performed.
Additionally, a quarter of them plan to recruit AI specialists in the next year.
Despite this, 21% believe it is premature to measure the value of AI, even though two-thirds monitor productivity and cost reductions.
Trullion’s findings suggest that AI-powered solutions could reduce the time auditors spend reconciling data.
Finance managers and controllers see AI as a way to gain real-time insights, minimize manual errors, and improve job satisfaction.
Isaac Heller, CEO of Trullion, said: “Auditors and accounting teams are bogged down in manual tasks that could be eliminated with modern technology, and these leaders are increasingly leveraging AI to improve efficiency and the strategy.
“That’s not to say auditors aren’t willing to innovate, it just reveals how both sides are feeling the pain of labor shortages and complex compliance changes. This is what Trullion has been hearing for years and trying to bridge that gap.
This information is based on two surveys conducted by Trullion in the fourth quarter of 2024.
The November 2024 State of Audit Efficiency survey involved 43 U.S.-based auditors, while the October 2024 Finance and Accounting Forecast survey included 99 members of the Financial Executives International community.
