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For Milestone Three , prepare a draft of a comparative systems report . Compare and contrast electronic data processing ( EDP ) systems used by Trinity Industries with those in the marketplace . Using substantive testing , 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 . Compose a short memorandum that communicates the results of the first year of testing along with recommendations as to what Trinity should do differently in subsequent years , including recommendations for reducing SOX-related expenses
Prompt : Assess the compliance approach implemented by Trinity Industries in order to recommend a cost efficient software system .
Specifically , the following critical elements must be addressed :
III . Bottom-Up Approach
a ) What were the strengths and weaknesses of Trinity ’ s practice-based bottom-up approach ? How effective was it ?
b ) What would you recommend it should have done differently in Year 1 ? Defend your response .
c ) Compare and contrast the strengths and weaknesses of a bottom-up versus a top-down risk approach to compliance .