StudyDaddy Accounting 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

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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