XYZ Corporation is a multinational company operating in various sectors, including manufacturing, technology, and services. With a diverse range of operations, the company has a complex financial structure, involving multiple subsidiaries and international transactions. To ensure transparency and compliance with accounting standards, XYZ Corporation undergoes regular financial audits. Background: The financial audit for the fiscal year 20XX-20YY was conducted by an external audit firm, ABC Auditors, renowned for its expertise in auditing large and complex organizations. The audit aimed to provide assurance to stakeholders, including investors, creditors, and regulatory bodies, about the accuracy and reliability of XYZ Corporation's financial statements. Audit Process: ABC Auditors employed a risk-based approach, identifying key risk areas and allocating audit resources accordingly. The audit team thoroughly examined XYZ Corporation's financial records, including income statements, balance sheets, and cash flow statements. They also scrutinized the company's internal controls, evaluating their effectiveness in preventing and detecting financial misstatements. Challenges: During the audit, the team encountered challenges related to the consolidation of financial statements due to the diverse nature of XYZ Corporation's business segments. Additionally, the audit team had to navigate complex international tax regulations and transfer pricing issues, given the company's global operations. Audit Findings: The audit identified a few areas of concern, including potential material misstatements in the valuation of certain intangible assets and the recognition of revenue from long-term contracts. ABC Auditors worked closely with XYZ Corporation's finance team to address these issues, making adjustments where necessary to ensure compliance with accounting standards. Question: Considering the challenges faced during the audit of XYZ Corporation, what specific measures could be implemented to enhance the effectiveness of the company's internal controls, especially in the context of managing international tax regulations and transfer pricing