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 )