Changes in the end-to-end business processes of enterprises resulting from digital transformation are also significantly altering the environment in which external audits are conducted. For instance, there is widespread adoption of electronic accounting systems, big data processing technologies, and artificial intelligence (AI) systems. Substantial changes are taking place particularly in areas such as revenue recognition, fixed asset management, and taxation. These changes are often financed through external funding, which places greater emphasis on operational efficiency and ensuring the transparency of financial reporting. An assessment of the significance of short-term debt burden (STD), long-term debt burden (LTD), profitability, size, tangibility, tax, business risk parameters of the 43 market companies for the period 2015–2023 was conducted. In the context of growing economic uncertainty and market volatility, the role of effective control procedures in supporting accounting functions, internal audit departments, and external auditors in managing and mitigating financial risks is becoming increasingly important for market-oriented companies. The digital environment, supported by advanced digital tools, enhances these functions by enabling real-time monitoring and automation of control and audit processes. Accordingly, study aims to provide empirical evidence, based on panel data models of commercial organizations, to evaluate the significance of key determinants influencing financial risk levels. It further aims to develop recommendations for strengthening internal control systems with a view to enhancing the effectiveness of external audits within the framework of the digital transformation of business processes.