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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 Compliance
a ) 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 ?