What document is crucial for stakeholders during financial audits in Workday?

The Audit Trail Report is a crucial document for stakeholders during financial audits in Workday because it provides a comprehensive and detailed log of all the financial transactions and changes that have occurred within the system. This report tracks any modifications made to records, including who made the changes, when they were made, and what specific changes were executed.

During an audit, stakeholders need to verify the integrity and accuracy of financial data; the Audit Trail Report acts as a key tool in demonstrating compliance and transparency. It helps auditors assess whether financial activities are recorded accurately and whether there are any discrepancies or unauthorized changes. This level of scrutiny is vital to ensure that financial reporting adheres to established guidelines and regulations, thereby supporting overall accountability and governance.

Other documents like the Year-End Financial Statement may summarize an organization’s overall financial position, but they do not provide the detailed transactional level of oversight that the Audit Trail Report does, making it less effective for identifying specific transaction anomalies during an audit. Budget proposals and vendor agreements serve different purposes and are not as critical for the audit process itself, where tracking and verifying transactions is paramount.