Study Reveals 91% of Banks Require 5+ Hours to Prepare for Audit

Financial institutions continue to seek ways to streamline processes and increase efficiency. Audit and exam preparation are proven pain points for many financial institutions, requiring significant amounts of time for proper preparation.

Technology has helped streamline these processes; however, we were surprised to discover that over 81% of financial institutions use some form of paper documentation when preparing for an audit or exam.

This study examines how financial institutions manage audit and exam preparation. The purpose of the study is to answer the following questions:

  • What causes bottlenecks in the audit/exam preparation process?
  • What percentage of banks still utilizes paper documents for audits and exams?
  • How long does it take to prepare for an audit or exam?
  • What other challenges exist with audit and examination preparation?

In the survey of 187 community banks representing over $70 billion in combined assets, the AccuSystems team set out to learn more about how financial institutions prepare for audits and exams. The following conclusions were drawn from our report:

  • 98% of institutions feel that a document management system offering electronic audit/exam preparation is a good investment.
  • 58% of financial institutions estimated that an average audit or exam requires more than 20 man hours for proper preparation.
  • 91% stated that a minimum of 5 hours would be needed to prepare for an audit.
  • 34% of financial institutions found internal reporting most tedious, but exam preparation (29%) and external audit preparation (21%) are also significant pain points.

Download the Executive Summary Now

How efficient are your audit and exam preparation processes? Are you happy with the services and features included in your current system?

To read our full report, visit: https://www.accusystem.com/audit-exam-prep/

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