In what way does Workday support external audits?

In what way does Workday support external audits?

• A. By providing easy access to marketing data
• B. By maintaining comprehensive records and an audit trail
• C. By allowing external parties to modify records
• D. By limiting access to financial information

Answer: (B)

Workday supports external audits primarily by maintaining comprehensive records and an audit trail. This capability is crucial for audit purposes, as it ensures that all financial transactions are thoroughly documented and can be traced back to their origins. The audit trail provides a transparent record of all changes made to financial data, including who made the changes and when. This level of detail not only enhances accountability but also helps auditors verify the accuracy and integrity of financial statements, making it easier for them to assess compliance with regulations and internal policies. Maintaining comprehensive records means that all necessary documentation is readily available for review, which is essential for external auditors who need to examine financial activities, assess risks, and verify adherence to accounting standards. The combination of these features in Workday streamlines the audit process, ultimately facilitating a smoother experience for both the organization being audited and the external auditors.

Workday supports external audits primarily by maintaining comprehensive records and an audit trail. This capability is crucial for audit purposes, as it ensures that all financial transactions are thoroughly documented and can be traced back to their origins. The audit trail provides a transparent record of all changes made to financial data, including who made the changes and when. This level of detail not only enhances accountability but also helps auditors verify the accuracy and integrity of financial statements, making it easier for them to assess compliance with regulations and internal policies.

Maintaining comprehensive records means that all necessary documentation is readily available for review, which is essential for external auditors who need to examine financial activities, assess risks, and verify adherence to accounting standards. The combination of these features in Workday streamlines the audit process, ultimately facilitating a smoother experience for both the organization being audited and the external auditors.