First Year of SOX ComplianceInstructionsSubmit an analysis of Trinity Industries’ first year of SOX compliance. The vice president (VP) and chief audit executive described the company as a likely candidate for a material weakness in the first year of SOX compliance. What were the elements critical to the company’s decisive success in its first year of compliance? Define a material weakness and explain the material weaknesses that are specific to Trinity. Describe the factors that made Trinity a success by illustrating the flow processes of the organization both in a narrative and process flowchart. This flowchart will be used to identify gaps and other threats to potential audit weaknesses.
First Year of SOX Compliance Instructions Submit an analysis of Trinity Industries’ first year of SOX compliance. The vice president (VP) and chief audit executive described the company as a likely
ACC675MilestoneTwoGuidelinesandRubricAsanauditor,theabilitytotranscribeformalizedornarrativeprocessesintofunctionalworkflowsallowsyoutoidentifypotentialgapsinaccountingsystems.Thesegapscanresultinmaterialauditfindingsnecessitatingchangesinthecompanycontrolstructure.ForMilestoneTwo,prepareananalysisofTrinityIndustries’firstyearofSarbanes–Oxley(SOX)compliance.Thevicepresident(VP)andchiefauditexecutivedescribedthecompanyasalikelycandidateforamaterialweaknessinthefirstyearofSOXcompliance.Whatweretheelementscriticaltothecompany’sdecisivesuccessinitsfirstyearofcompliance?DefineamaterialweaknessandexplainthematerialweaknessesthatarespecifictoTrinity.DescribethefactorsthatmadeTrinityasuccessbyillustratingtheflowprocessesoftheorganizationbothinanarrativeandprocessflowchart.Thisflowchartwillbeusedtoidentifygapsandotherthreatstopotentialauditweaknesses.Prompt:Formulateyourprocessesintoacomprehensiveflowchartthatwillbeusedtoidentifygapsinprocessesandotherthreatstopotentialauditweaknesses.Specifically,thefollowingcriticalelementsmustbeaddressed:II.FirstYearofSOXCompliancea)TheVPandchiefauditexecutivedescribedthecompanyasalikelycandidateforamaterialweaknessinthefirstyearofSOXcompliance.Whatweretheelementscriticaltothecompany’sdecisivesuccessinitsfirstyearofcompliance?b)Whatinternalcontrolsareimportantforpreparingaccurateandreliablefinancialreports?Supportyourresponseusingbothexamplesprovidedinthecasestudy,aswellasresearchintoaccountingstandards(i.e.,PublicCompanyAccountingOversightBoard[PCAOB]).c)Define,usingsupportfromaccountingstandardsorotherempiricalevidence,whatamaterialweaknessisintermsofSOXcompliance.d)Assess,throughreflectiononthecasestudyaswellasthecomparableindustriesidentifiedintheoverview,whatmaterialweaknessesarespecifictoTrinity.e)ArticulatestandardsaddressedinPCAOBregardingtheconceptofmaterialweaknessesindevelopmentofinternalcontrolcompliance.EnsurethatyoudemonstratetherequirementsofSOXfrominceptionin2002.f)DescribethefactorsthatmadeTrinitysuccessfulbyillustratingtheflowprocessesoftheorganizationbothinanarrativeandprocessflowchart. RubricGuidelinesforSubmission:Youranalysismustbesubmittedasa2–3-pageWorddocumentwithdoublespacing,12-pointTimesNewRomanfont,one-inchmargins,andatleastthreesourcescitedinAPAformat.CriticalElementsProficient(100%)NeedsImprovement(75%)NotEvident(0%)ValueFirstYearofSOXCompliance:SuccessAccuratelydetermineselementscriticaltothecompany’ssuccessinitsfirstyearofcomplianceDetermineselementscriticaltothecompany’ssuccessinitsfirstyearofcompliancebutdeterminationcontainsinaccuraciesDoesnotdetermineelementscriticaltothecompany’ssuccessinitsfirstyearofcompliance16FirstYearofSOXCompliance:InternalControlsDiscusseswhichinternalcontrolsareimportantforpreparingfinancialreportsandsupportsresponsewithexamplesfromthecasestudyandresearchintoPCAOBDiscusseswhichinternalcontrolsareimportantforpreparingfinancialreportsandsupportsresponsewithexamplesfromthecasestudyandresearchintoPCAOBbutsupportisweakorillogicalordoesnotusefurtherresearchDoesnotdiscusswhichinternalcontrolsareimportantforpreparingfinancialreports16FirstYearofSOXCompliance:MaterialWeaknessDefineswhatamaterialweaknessisintermsofSOXcomplianceusingsupportfromaccountingstandardsorotherempiricalevidenceDefineswhatamaterialweaknessisintermsofSOXcomplianceusingsupportfromaccountingstandardsorotherempiricalevidencebutsupportisweakDoesnotdefinewhatamaterialweaknessisintermsofSOXcomplianceusingsupport16FirstYearofSOXCompliance:SpecificAssesseswhichmaterialweaknessesarespecifictothecompanythroughareflectiononthecasestudyandcomparableindustriesidentifiedintheoverviewAssesseswhichmaterialweaknessesarespecifictothecompanythroughareflectiononthecasestudyandcomparableindustriesidentifiedintheoverviewbutassessmentiscursoryorcontainsinaccuraciesDoesnotassesswhichmaterialweaknessesarespecifictothecompany16FirstYearofSOXCompliance:PCAOBArticulatesstandardsaddressedinPCAOBregardingtheconceptofmaterialweaknessesindevelopmentofinternalcontrolcomplianceandensuresdemonstrationoftherequirementsofSOXfrominceptionin2002ArticulatesstandardsaddressedinPCAOBregardingtheconceptofmaterialweaknessesindevelopmentofinternalcontrolcompliancebutdoesnotensuredemonstrationoftherequirementsofSOXfrominceptionin2002DoesnotarticulatestandardsaddressedinPCAOBregardingtheconceptofmaterialweaknessesindevelopmentofinternalcontrolcompliance16 FirstYearofSOXCompliance:FactorsDescribesthefactorsthatmadeTrinitysuccessfulbyillustratingtheflowprocessesoftheorganizationbothinanarrativeandprocessflowchartDescribesthefactorsthatmadeTrinitysuccessfulbyillustratingtheflowprocessesoftheorganizationbothinanarrativeandprocessflowchartbutoneorbothlackdetailorcontaininaccuraciesDoesnotdescribethefactorsthatmadeTrinitysuccessful16ArticulationofResponseSubmissionhasnomajorerrorsrelatedtocitations,grammar,spelling,syntax,ororganizationSubmissionhasmajorerrorsrelatedtocitations,grammar,spelling,syntax,ororganizationthatnegativelyimpactreadabilityandarticulationofmainideasSubmissionhascriticalerrorsrelatedtocitations,grammar,spelling,syntax,ororganizationthatpreventunderstandingofideas4EarnedTotal100%
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