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Companies today must ensure that operational processes are performing efficiently and effectively in compliance with current regulations . Accountants must adhere to domestic standards set by organizations — such as the Public Company Accounting Oversight Board and the Financial Accounting and Standards Board — as well as global standards , such as the International Financial Reporting Standards , requiring appropriate implementation and assessment of internal controls . Whether developing appropriate processes internally or preparing substantive testing , external auditors must be able to quickly and completely assess the financial processes , determine weaknesses , and provide recommendations for improvement .
The ability to transcribe formalized or narrative processes into functional workflows allows an auditor to identify potential gaps in accounting systems . These gaps can result in material audit findings necessitating changes in the company ’ s control structure .
However , it is not only the process and flow of transactions that requires scrutiny . Companies evolve into sophisticated , computerized systems that require an indepth understanding of administrative rights , electronic process flows , and end user reporting .
In this case study , you will apply all of these skills in developing recommendations for Trinity Industries . Though the Sarbanes – Oxley Act of 2002 ( SOX ) promulgated many internal control structure changes , the company is unsure as to whether they are applying too few or too many internal controls . Unnecessary controls place added burden on staff and cost the company thousands of dollars in monitoring and maintenance .