Hello to all audio experts.
 
I have a few question and I'm really looking for some constructive advices.
 
We had a conference where we have recorded all the presentations with ExtremeCap 910 (). We where capturing video with ExtremeCap 910 and for audio we where capturing it separately trough audio jack connected to the ExtremeCap 910. But we had some technical issues and at the end we had to record all the audio with ExtremeCap 910 recorder which was a few meters away from the speakers. Those the audio we have right now is very bad.
 
Here is the link to the audio. I have extracted it with VLC from the source:
 
Now my questions are:is
 
1. Which effects/techics in Audition CC should I use to try to improve the audio so people will be able to actually understand what the speakers are saying? I tried with (normalize, vocal enhancer and a few others) but with not great results. Audio is a little better but not enough.
 
2. Is our audio possible to improve based on the sample above.
 
3. Because I'm new to audio editing I would also like to know is it important in which sequence the effects in Audition CC are used? If yes, how do you know which effect to use first and which one to use last? I was reading about this on the internet and some are saying yes and others no so I'm not sure about this anymore.
 
Any help will be greatly appreciated.

Your link did not come through (you can't post hyperlinks until you have 25 posts.)
 
You might try posting your thead to an Adobe Audition forum.  There might be a few people here who are familiar with the software, but you'll probably get more info there.
 
My guess, without hearing the audio is that you will need to eliminate noise (I believe there is a noise reduction plug-in in Audition) and then increase the gain on the signal.

Hard to offer anything useful without hearing what you are dealing with. I do know a few general things about Audition. Odds are that you will likely have to try multiple approaches and see which works best. Audition has several similar yet different functions for noise removal. There is traditional noise reduction that relies on soundprint of room noise you likely have. There is spectral view which is very useful when you have obvious noise you can simply erase. There is background noise removal. Each is useful under right circumstances. I'm guessing noise is less of an issue for you than general muddiness and distortion. I would still remove as much noise as possible to get a clearer idea what you are working with.

Tip when using any of audition's noise removal tools is to not go for the homerun. Running noise reduction twice at 50% will usually wield better results than once at 100%.

Audio restoration, clarifying, cleaning up etc. is really a job where what you do and the order you do it depends on the problems the audio in question has. Every time is different, and sometimes the best results you can get still aren't ideal. Without hearing the original audio in its original, uncompressed (either as an mp3 or following any audio dynamic compression such as youtube adds to everything) raw state it's almost impossible to suggest what to do.

You're probably best asking for help in an Audition or audio restoration forum as has been suggested.

Try typing out that link without the http and use (dot) and spaces before after the /, such as

X (dot) com / whatever (dot) wav

If you can post such, it would be helpful. I have Audition and can take a look at it if you can post that link as text.

Sameple audio. Change "xx" to ""tt". Perhaps this will work. And thank you everyone for all the useful information.

hxxps://www.dropbox.com/s/jd7dnsw3geac9ph/recorded_audio.mp3?dl=0

I think your going to find Audition's tools just aren't much use with this.   Audition has very nice noise removal tools but it can't do much with the muffled and clipped audio problems your sample has.   iZotope RX has a de-clipper but even it didn't have much luck with your audio.  It seems to me (and I'm no pro so take it with a grain of salt) your problem is the mic is just not close enough to the speaker to start with.  It also may have been recorded with some sort of limiter/noise gate that caused the clipping (maybe that's the ExtremeCap 910's noise canceler?).  In addition there is some digital noise as well. 
 
Well recorded speech with some added noise/distortion/etc can generally be cleaned up, but in your case the good audio isn't really there. The recording is so long also, no manual process would be practical, if you could figure one out.  I'll admit I couldn't get the first few seconds of the presentation (skipping the random room conversations in the very beginning) to sound even close to understandable.
 
You might want to ask at the Gearslutz Post Production forum https://www.gearslutz.com/board/post-production-forum/ This kind of thing comes up there often and they might be able to offer you some better advice.  But I can say with some confidence Adobe Audition CC by itself isn't going to be all that useful at fixing this.  Your going to need much better tools.  I wouldn't get my hopes up though, I doubt any process can repair this audio well enough for understanding.

 Thank you for the link. I am not where I can upload or post at the moment, but will circle back on this later on.
 
Just to clarify, I have Adobe Audition (AA) 4.0, which came with Creative Suite 5.5. Some of the menu items may be different, but I believe these are all identical. I will walk through the steps on that particular file so you can replicate it as needed.
 
If you save while working, save it as a wav file, so you do not compound errors when using a lossy format. You may also want to work in smaller chunks for this (CPU and RAM capability will be important for the 1+ GB wav I used)... the biggest thing is the noise reduction part (Step 2 below).
 
So for this file:
Step 1: Favorites -> Normalize to -3 dB - This will normalize the volume of the track (including noise).
 
Step 2: Noise removal -

1. Zoom into the file where only noise is visible. For this I used the noise area from 27:16-27:18.
2. Drag select that region. Select Effect -> Noise Reduction / Restoration -> Capture Noise Print (Shift-P). Acknowledge the pop up.
3. Click on the track anywhere to remove the selection area. This is required so you remove the noise from the entire track, not just the selection.
4. Select Effect -> Noise Reduction / Restoration -> Noise Reduction Process (Ctrl-Shift-P). Leave the default settings alone, click Apply.

Step 3: EQ the track. An aggressive HP filter at around 100 Hz, and aggressive LP filter at about 5K will pass only voice similar to a telephone. The included plugins with AA are not the greatest, so chose ReaEQ (which is a free plugin, not knowing what you have). This requires more description for you, but is basically to pass the core of the voice, and reduce everything else.
 
Step 4: Compression. iZotope has a multi-band compressor (Effects->Amplitude and Compression->Multiband compressor), but none of the presets are great. This is to reduce the "pumping effect" and further reduce the sound outside of the vocal range. The bigger part that is hard to tame in the track once heading down this path is the natural room reverb, so certain sections are fine without this.

consider a compander in the mix

Quick update - I ran through this again a couple more times, and the best way to attack this is to do it in sizeable chunks so your computer can handle the load. Also realize that AA has heal, denoise functions I did not use.
 
I took the 20-25 minute segment and saved it as a 32-bit wav file, then did the following:
 
Step 1 from above.
Step 2 from above, using the noise from roughly the 21 minute mark (original file), or 1 minute mark in the extract.
Step 3 I simply ran the De-esser (there are 3 inside AA that I have, but this is the one on the Favorites->De-esser which is an automatic function (no popups)).
Step 4 Rather than use an EQ this pass, I used TDR Kotelnikov (free compressor*) using the preset of "Vocal Bus Tight." There are still some artifacts from using this, but not egregious.
Step 5 Ran Effect->Stereo Imagery->Center Channel Extractor
Step 6 Raised the output gain of the track by 3dB
 
Offloaded roughly 21:10-24:20 (original file), which was 1:10-4:40 in the extract, converted to a 160Kbps mp3 which I posted here. Let me know if/when you want me to pull that file down. [Edit: File deleted per post #13 below.]
 
*Not sure how familiar you are with adding VSTs to AA, but once installed, is via the Effects->Audio Plugin Manager...
 
There is more that can be done with that file, but it will never get to "perfect" status. I was trying to get the easiest path for you to work it to an acceptable level.