What can be a potential consequence of lacking timely information during an audit?

The potential consequence of lacking timely information during an audit is that it can hinder the audit process due to tight time constraints. Timely information is crucial for auditors to effectively evaluate the organization’s processes, controls, and compliance. Without access to this information when needed, auditors may find themselves under pressure, potentially compromising the thoroughness of their work.

A lack of timely information can lead to delays in various stages of the audit, such as planning, execution, and reporting. Auditors rely on accurate and current data to substantiate their findings and conclusions; without it, the risk of missing critical insights or misinterpreting the available data increases. Additionally, this situation can influence the auditors' ability to meet deadlines, potentially extending the audit duration and increasing costs, while still striving to maintain quality in the audit process.

The other options suggest benefits that would not realistically arise from a lack of timely information. For example, enhancing collaboration with stakeholders or simplifying the audit process would not occur, and thorough audit findings are typically a result of having the right information readily available, not the absence of it.