How does Workday Financials support financial audits?

Workday Financials supports financial audits primarily by providing comprehensive audit trails and documentation. This means that every financial transaction recorded within Workday is logged with detailed information, including who made the entry, when it was made, and any changes that were subsequently applied. This transparency is crucial during an audit, as it allows auditors to trace transactions back to their origin, review adjustments, and verify compliance with financial policies and regulations.

The comprehensive nature of the audit trails ensures that all necessary documentation is readily available, facilitating quicker and more efficient audits. Auditors can easily access various reports and insights directly within Workday, thereby enhancing the overall process and helping organizations maintain the integrity of their financial reporting.

In contrast, while simplifying audit processes might seem beneficial, it does not provide the depth of tracking and verification that comprehensive audit trails offer. Eliminating the need for audits is unrealistic and contrary to the principles of sound financial management, which mandates regular audits for compliance and accuracy. Lastly, requiring only third-party audits would not cover all aspects of internal checks and controls that Workday can facilitate with its built-in functionalities.