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E372 Analysis Of Trinity Industries.edited

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Running head: ANALYSIS OF TRINITY INDUSTRIES Analysis of Trinity Industries Institution Affiliation Date 1 ANALYSIS OF TRINITY INDUSTRIES I. 2 Analysis of Trinity Industries The Trinity Industries had several diversified businesses within its operations and was defined as a candidate of a material weakness in its first filling for Sarbanes Oxley Act Compliance. By the time the Sarbanes Oxley Act was established in 2002 the company was well established in the industries however with the new set of rules, there was a need for demonstration of the internal controls and its thorough documentation which the company never proved. The process has had to make a process and information technology development through for compliance with SOX. II. First Year of SOX Compliance Critical Elements For its first year of compliance success, the essential components thus have an established information technology system, establishing documentation of internal control systems and managing them while offering the employees the relevant training needed. The company also required to have integrated enterprise systems since operations in its business were decentralized (Schultze, U. (2011). Internal Controls and Financial Reports Internal controls that would be needed for the reliable financial statements would include the competences of the personnel's preparing them. The personnel's roles also need to be decentralized to ensure timely review of the financial reports. That helps to reduce t ...
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