+
ACC 675 Milestone Two

ACC 675 Milestone Two

Rating:
Rating
(0)
Author: willi padro
Description:

http://homework.plus/acc-675-milestone-two/

As an auditor, the ability to transcribe formalized or narrative processes into functional workflows allows you to identify potential gaps in accounting systems. These gaps can result in material audit findings necessitating changes in the company control structure
For Milestone Two, prepare an analysis of Trinity Industries’ first year of Sarbanes–Oxley (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.
Prompt: Formulate your processes into a comprehensive flowchart that will be used to identify gaps in processes and other threats to potential audit weaknesses.
Specifically, the following critical elements must be addressed:
II. First Year of SOX Compliancea) The 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?b) What internal controls are important for preparing accurate and reliable financial reports? Support your response using both examples provided in the case study, as well as research into accounting standards (i.e., Public Company Accounting Oversight Board [PCAOB]).c) Define, using support from accounting standards or other empirical evidence, what a material weakness is in terms of SOX compliance.d) Assess, through reflection on the case study as well as the comparable industries identified in the overview, what material weaknesses are specific to Trinity.e) Articulate standards addressed in PCAOB regarding the concept of material weaknesses in development of internal control compliance. Ensure that you demonstrate the requirements of SOX from inception in 2002.f) Describe the factors that made Trinity successful by illustrating the flow processes of the organization both in a narrative and process flowchart.
Guidelines for Submission: Your analysis must be submitted as a 2–3-page Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least three sources cited in APA format.


(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial