yea I had the same problem since formatting and installing the new Audition. The new audition and Cubase/ Protools aswell probbably have new audio caching drivers or something. Anyway, I dont know too much about the nitty gritty of it all but solved my problem by downloading an ASIO driver.
ASIO4ALL_2_8_Beta_2_English is the file with the drivers.
Google it and you will get a dozen or more hits.
In the case of Adobe Audition.
Install the file, restart the program or PC if required (make sure its closed when you install actually). Open Audition, go into your audio hardware options (edit/audio hardware ect..) and select the ASIO driver in the ‘ audio driver ‘ tab.
That should remedy alot of your latency. If it persists, look at your preferences then the SMPTE/MTC tab. Check your ‘Lag Time’ that should be set around 10 for optimal performance. If changing (lowering) this doesn’t help.
Go back to where you selected the ASIO driver. Make sure ‘release ASIO driver in background ‘ is checked. Click ‘ control panel ‘ button. then increase the Buffer size. This can have both negative and positive effects on different aspects of your recording. Give it a whirl though.
If all of the above fail. Clearly your sound card is outdated š
Mine is an on board card though, and since thats as crap as they come now days you should be ok.