Because this audit is not inherently conducted in the dynamics product.
You have to assign the permissions in Exchange Online. This is because the underlying cmdlet used to search the audit log is an Exchange Online cmdlet.
Please refer to the following link for more details:
Admins and members of investigation teams must be assigned the View-Only Audit Logs or Audit Logs role in Exchange Online to search or export the audit log.
By default, these roles are assigned to the Compliance Management and Organization Management role groups on the Permissions page in the Exchange admin center.
Global administrators in Office 365 and Microsoft 365 are automatically added as members of the Organization Management role group in Exchange Online.
I hope you can verify my answer if it helps you! If you have any questions, please feel free to contact me.
Regards,
Leah
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