I am trying to multi-track record audio using an external USB audio soundcard. I record track 1 which is fine. When I record track 2 while playing along with track one, it sounds fine - in time. But when I go to playback both tracks (to listen to them both), track 2 starts about a half-second behind track 1. I have set the latency in hardware set up to 30 - as low as it will go. The soundcard works and doesn't do this on an older version of Audition (legacy V 3 before they went cloud). I also have audition loaded on two computers and it does the same on both computers so it isn't the computer or soundcard. Please help - Audition is really useless to me at this point due to this issue. Any insight or guidance would be greatly appreciated.
Does your external USB audio soundcard have a dedicated ASIO driver? If so, have you installed it and selected it in Audition's options?
If the card manufacturer does not offer an ASIO driver, you could see if installing ASIO4All and selecting it as the driver for your soundcard would help.
What emmrecs said plus make sure you are monitoring from the external soundcard and not from Audition otherwise by the time the audio has gone through your PC and Audition it will always have latency and that happens with every PC and every DAW