For Milestone Four, you will submit a
draft of your International Financial Reporting Standards (IFRS) report. You
will determine whether Trinity Industries is incompliance within the industry
standards and aligned functionally with both efficiency and effectiveness of
controls through the use of current audit and internalcontrol standards. State
all assumptions and conclusions.
Prompt:Prepare a report on Trinity’s compliance with industry standards.
Specifically, the following critical
elements must be addressed:
a) What are the implications of a change in
accounting standards? For example, what kinds of changes to data calculation
and information reportingare likely to occur with a transition to a new
standard?
b)
What changes will be required for Trinity to improve internal control
compliance?
c)
What standards will affect Trinity as a result of IFRS?
d)
Discuss each infrastructure’s role in supporting a compliance project like :
1.
What constitutes Trinity’s governance infrastructure?
2.
What constitutes Trinity’s IT infrastructure?
3.
What constitutes Trinity’s process infrastructure?
