Sure is - with a couple of little of little *'s. Are you refreshing from another environment that also has 21cfr turned on, if so, same tables?
Assuming you are refreshing data (by that I mean restoring a database from another source) that has the same tables audited the only thing that you would have to have is change the table owners (Schemas) that are referenced in the table triggers that JDE adds when you turn on auditing.
If you are refreshing the data using the R98403, then nothing really has to be done. Although I would highly recommend that you turn off auditing prior to the refresh or you will have an 1-1 row created in the audit from the refresh.
How are you planning on having the data refreshed? By having the database restored from the source/changing schema's,etc, or using the R98403?