4 part project - accounting information system- trinity industry

Project Description:

the final project for this course is the creation of a case study analysis. you will use the article the sox compliance journey at trinity industries as a resource forthis project.
companies today must ensure that operational processes are performing efficiently and effectively in compliance with current regulations. accountants must adhere to domestic standards set by organizations—such as the public company accounting oversight board and the financial accounting and standards board—as well as global standards, such as the international financial reporting standards, requiring appropriate implementation and assessment of internal controls. whether developing appropriate processes internally or preparing substantive testing, external auditors must be able to quickly and completely assess the financial processes, determine weaknesses, and provide recommendations for improvement.
the ability to transcribe formalized or narrative processes into functional workflows allows an auditor to identify potential gaps in accounting systems. these gaps can result in material audit findings necessitating changes in the company’s control structure.
however, it is not only the process and flow of transactions that requires scrutiny. companies evolve into sophisticated, computerized systems that require an in- depth understanding of administrative rights, electronic process flows, and end user reporting.
in this case study, you will apply all of these skills in developing recommendations for trinity industries. though the sarbanes–oxley act of 2002 (sox) promulgated many internal control structure changes, the company is unsure as to whether they are applying too few or too many internal controls. unnecessary controls place added burden on staff and cost the company thousands of dollars in monitoring and maintenance.
your role will be to provide an overview of the company and its market industry. from this you will formulate your processes into a comprehensive flowchart that will be used to identify gaps in processes and other threats to potential audit weaknesses.
the project is divided into four milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. these milestones will be submitted in modules two, four, six, and seven. the final product will be submitted in module nine.
in this task, you will demonstrate your mastery of the following course outcomes:
 transcribe formalized or verbal financial processes into both narrative and process flowcharts for identifying gaps resulting in potential material weaknesses
 summarize advantages and disadvantages of various accounting electronic data processing systems with respect to a specific industry’s needs

 perform substantive testing of accounting systems to ensure processes described by management are accurately reflected within system transactions
 formulate recommendations for improvements to financial processes based on outcomes of testing
 assess the effectiveness of companies’ internal control structures for producing accurate and reliable financial reports
 interpret standards as outlined in isaca and the public company accounting oversight board as they relate to compliance within specific industries
your role will be to provide an overview of the company and its market industry. from this, you will formulate your processes into a comprehensive flowchart that will be used to identify gaps in processes and other threats to potential audit weaknesses.
by understanding the industry, you will gain valuable insight into the appropriate software systems that will provide industry-specific needs and financial reporting by comparing and contrasting current electronic data processing (edp) systems with those in the marketplace.
by performing substantive testing, you will audit the transaction flow and determine whether financial information is accurately reflected in the system transactions. this will allow for an assessment and recommendation as to the effectiveness of the company’s internal control processes, including changes in transaction processing if necessary.
finally, through interpretation of current audit and internal control standards, you will determine whether trinity is in compliance within the industry standards and aligned functionally with both efficiency and effectiveness of controls.
specifically, the following critical elements must be addressed:
i. overview
to adequately prepare for the following questions, you will need to prepare an overview/assessment of trinity industries, including background, key market demographics, financial position, and governance policies. you are required to address the following seven subjects:
a) overview of the organization
b) size of the organization
c) sector/industry (along with three other companies that would be comparable)
d) structure/line of busine
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $20 to $50
Total Proposals: 0
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