I actually wrote an infection article with this topic included. Here’s what I wrote:
 
Pre-soaking gauze in disinfectant is not recommended by the Organization for Asepsis and Prevention (OSAP) or the Centers for Disease Control and Prevention (CDC). The cotton fibers in gauze can absorb and inactivate the active ingredients in disinfectants leaving them less effective or ineffective all together. The CDC cites a study that showed a significant decline in effectiveness of 40 to 50 percent after just one hour of soaking gauze in a quaternary ammonium disinfectant. The CDC also cites a study that shows gram-negative bacteria can survive and even grow when other disinfectants (phenolics, iodophors) are soaked in gauze. If you are going to use gauze with disinfectant, it should be saturated with the disinfecting agent at the time of use; this is said to be “acceptable” by OSAP. To be perfectly clear, this pertains to soaking gauze; this does not pertain to pre-soaked, ready-to-use disinfecting wipes in the original manufacturer’s container. We must also remember to use products according to the manufacturer’s instructions. If the instructions don’t state the product can be soaked in gauze, then it shouldn’t be done.
 
http://www.dentalproductsreport.com/hygiene/article/5-more-infection-control-mistakes-you-might-not-realize-youre-making