Too Long!

Good and true royalty audits take greater than one year to complete and settle. Only once in a great while is an audit opened and closed in less than a year.

Why so long?

We must wait in the queue at various counterparties - it can take us longer than six months to commence an audit (previously known as "fieldwork")
It can take us six months to two years to complete an audit because of a multitude of factors beyond our control (warehouse fires, anyone?)
It can take over six months to receive an initial audit response - again, there is a queue
Settlement discussions can take another six months or longer - it takes time and money for the parties to reach agreement
If the parties don't settle, litigation can take years and cost a fortune, so more commonly settlement talks and tolling agreements are extended and the parties take their time to settle

In other words, do not hang your hat on an inflexible timetable for your audit and do hire an attorney who is an expert in tolling agreements to preserve your rights. Please ask if you need a referral to such legal counsel.

In summary, there are tactics to expedite audits, but in general, audits take too long.