Research download
What Modern US Businesses Want From Their Audits
The US accounting model needs modernization if it is to keep pace with the increasing demands of clients. This becomes especially evident during the auditing process, where the drive for innovation has been met with continued delay and frustration, despite a strong appetite among firms to embrace change. Naturally, this has a knock-on effect on auditors’ clients.
To better understand the implications of delayed innovation, we conducted landmark research polling companies across the United States.
We aimed to discover what businesses want from their audits, the challenges and opportunities they foresee, and how the industry can respond. Our goal is to unlock the potential of the US auditing industry, drive business growth, and stay relevant to modern, digital-first businesses.
Our research revealed that among the US businesses we studied:
- 52% find the audit stressful – the larger the business, the more stressful the audit
- 67% believe their current approach to audits hinders their business growth
- 72% see their annual audit as an opportunity to improve business processes and operations
- 95% say data-driven insights from audits can accelerate the growth of their business
- 48% want their accounting firm to embrace technology more
At Inflo, we are paving the way for auditing teams to break free from age-old processes that are holding them, and their clients, back. We are here to help auditors look beyond everyday auditing pain points, once and for all, and stay relevant to their valued clients.