Question - For Milestone Four, you will submit a draft of your International Financial Reporting Standards (IFRS) report. You will determine whether Trinity Industries is in compliance within the industry standards and aligned functionally with both efficiency and effectiveness of controls through the use of current audit and internal control 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 reporting are 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 IFRS:
1. What constitutes Trinity's governance infrastructure?
2. What constitutes Trinity's IT infrastructure?
3. What constitutes Trinity's process infrastructure?