Overview Trinity Industries was founded in 1933, is headquartered in Dallas, Texas, and operates in the United States, as well as Canada and Mexico. Trinity Industries products and services are represented in industries such as transportation, construction, energy, and agriculture. The company is regarded as part of the services sector and the railcar industry. Trinity Industries is comprised of five business groups: rail, construction products, inland barge, railcar leasing and management, and energy services (see Exhibit A). At the close of 2016, Trinity Industries was comprised of 17,680 employees and are allocated across the various groups as per Exhibit B. Trinity’s major competitors are Union Pacific Corp., Canadian National Railway …show more content…
21). According to a value analysis conducted by CapitalCube, when compared to industry peers, Trinity’s “annual revenues and earning change at a slower rate, implying a lack of strategic focus and/or a lack of execution success” (Trinity Industries, Inc. – Value Analysis (NYSE:TRN) : June 13, 2017, 2017). In addition, CapitalCube states “Over the last five years, Trinity’s return on assets has declined from above median to about median among its peers, indicating declining relative operating performance” (Trinity Industries, Inc. – Value Analysis (NYSE:TRN) : June 13, 2017, 2017). Analysts are predicting sales growth for fiscals years 2017 and 2018 at -19.0% and -5.1% respectively (TRN Analyst Opinion | Analyst Estimates | Trinity Industries, Inc. Stock - Yahoo Finance, …show more content…
Two key provisions of SOX include Section 302, Corporate Responsibility for Financial Reports, and Section 404, Management Assessment of Internal Controls. During Trinity Industry’s first year of SOX compliance, communication and planning were instrumental in the success of year one. The Director of Finance and Accounting, Jake Farkas, reached out to several people for their input and assistance in the SOX compliance project. The steering committee was comprised of a broad spectrum of people and included the CAO, CFOs from each business unit, an employee from internal audit, KPMG and E&Y (Schultze, 2011, p. 95). By reaching out to external sources, Farkas was able to obtain a necessary baseline Gantt chart that was vital to the success of the SOX compliance as it provided visual communication that organized the phases and respective timelines. The initial phase, project-scoping, included itemized purposes, including establishing common language among team members, which would allow them to communicate clearly and effectively. First Year of SOX Compliance: Internal Controls Internal controls, with respect to financial statements, assures the integrity of the financial statements by confirming the correct recording of transactions and the prevention of manipulation of revenues and expenses. Paragraph 24 of AS 5 (2016) identifies entity level controls
The Hobby Lobby store filed the case against the Secretary Department of Health and Human Services stating that the contraceptive method doesn’t match their religious faith. In fact, they were requested to pay the insurance fee. For them, they said that paying for contraception under the Affordable Care Act contradict the federal law protecting religious freedom. According to IIT Chicago College of Law (n.d.), the contraception requirement set by the government were against some religious policies.
U.S. Supreme Court Case of Youngstown Sheet & Tube Company, v. Sawyer The Supreme Court Case of Youngstown Sheet & Tube Company, v. Sawyer; case number 343 U.S. 579, 72 S. Ct. 863, 96 L. Ed. 1153 of 1952 reviewed the Executive Order given by then President Truman to the Secretary of Commerce to take possession of the United States’ steel mills during the Korean War (Justia Law). Youngstown Sheet & Tube Company believed that the order given by the president to seize the private property of the steel mills was an abuse of constitutional authority by the Executive Branch of the government. Their stance was that the authority to seize the property was in lawmaking powers that Congress had not given to the President (Justia Law).
Lucy Morgan enrolled in an online dating service which, she says, promised to set young women up on dates. After using the service for a period of time, Ms. Morgan discovered several of her co-workers and others had actually been sent out on dates with the same men. She continued by stating she discovered some of the men were not only married, but related to the owner. She then concluded by accusing the owner, Mr. Paul Rambin, of fraud and misrepresentation. Mr. Rambin refuted the claims by stating he did not guarantee marriage and he did not process background checks on the members as declared on his website.
Jessica Hillis Instructor Fisk CRM-123 13 Nov 2016 Case Brief 3 Commonwealth v. Berggren 496 N.E.2d 660 (1986) Procedural History: The defendant is on trial for the crime of homicide caused by the careless operation of a motor vehicle such to endanger public safety. Facts: The defendant was pursued by an on-duty police officer in a marked police car. The defendant chose not to stop for “fear of his license” and caused the officer to pursue him for approximately six miles.
Luigi Vittatoe Dr. George Ackerman ELA2603 Administrative and Personnel Law December 2, 2015 Week 6 Case Study: R. Williams Construction Co. v. OSHRC 1. What were the legal issues in this case? What did the court decide? R. Williams Construction Company petitions for review of a final order of the OSHRC for violations of the OSHA Act.
That being said, it does not appear that the BBB website has been updated recently.(2) It Doesn't Stop There(1) Ranking in the 15 percent of the 5,000 fastest-growing companies in the U.S., according to Inc. Magazine's annual ranking of privately held companies, Trinity comes in as #783 out of the 5,000 companies listed. Furthermore, based on revenue, Trinity is considered the largest solar company in the industry-bar none.(3)
Another recommendation that would go very hand in hand with internal controls would be the implementation of policies and procedures for the business to run. For example, this is
These disclosures generally suggest that the corporation’s reports were audited and that the statements conformed to the appropriate legislations and standards (Virgin Australia Holdings Ltd 2013, 166). In relation to social and environment disclosure that is not regulated, the corporation has referred to appropriate initiatives like the Global Reporting Initiative (GRI) (Virgin Australia Holdings Ltd 2013, 164). Its corporate governance disclosures covered mainly on the internal business control such as the structure and role of the board of directors, remuneration, responsible and ethical decision-making, integrity in financial reporting, recognising and managing risk, and disclosure and the rights of shareholders (Virgin Australia Holdings Ltd 2013,
Balfour Beatty also use appraisal. For example I found that once every year appraisals happen at Balfour Beatty these meetings happen between the employee and line manager. For Balfour Beatty Mick Byrne (2015) who is the project manager has his yearly appraisals with Dave Ronan (2015) his line manager they discuss the good and bad points of things which is good for the business. In the previous meeting between Mick Byrne (2015) and Dave Ronan (2015), Mick Byrne (2015) said “I discuss what my targets will be for the next year, and what I have done well, this is good because it provides me with job satisfaction” This is good because if they discuss their targets for next year it will be easier to achieve them as they will both know their goals.
The standards that are enforced by the SOX ACT include: control environment, risk assessment, control activities, information and communication, and monitoring. The provision that I feel provided the greatest impact is the standard where firms control their internal activities. This provision is imperative because it directly affects a firm’s “three legs of the stool.”
Since the turn of the century, financial statements have been a common topic among investors, accounting standards board members, and business professionals. Although Enron may be the most recognizable name when it comes to financial scandal, there have been many other similar cases throughout the 2000s. Some examples include companies such as WorldCom, Tyco, Freddie Mac, and AIG. Many of these scandals were made possible due to these companies’ complex financial statements. Over the past few years the FASB (Financial Accounting Standards Board) has been working diligently to put into place standards for financial statements that will hopefully improve their efficiency and effectiveness, thus eliminating shady occurrences in companies’ financial
BHP Billiton, as the largest mining company, has a high reputation in the market. Owning to this, it got the advantage competitive in the market. Therefore, they got more opportunities than other companies. Facing with the climate change in the world, BHP Billiton as a major producer and consumer of fossil fuels, it has already taken a concrete action against climate change through focusing on cutting its gas emission, making provision for physical climate influences. Therefore, BHP Billiton got more chance to have a long-term relationship with their clients.
Before Susannah jumps into making the hasty decision that may affect the company’s overall interest, she needs to take a step back and reevaluate all the facts. Although, there is no doubt that Kenton’s action is inappropriate and may have damaged the company’s image. There are three key factors that Susannah can base upon when determining the appropriate action. First, Downcity’s policy does not specify and define the usage of social media. In fact, the employee manual has not been updated for a while.
Now that the activities have been discussed, it is time to transition to financial reporting. GASB Concepts Statement 1 summarizes two main purposes: to provide information that can be used to assess a government’s accountability and to assist users in making economic, social, and political decisions (Reck & Lowenshon, 2016, p 352). This makes great denotation for the primary fact that many users view the financial report. Financial reports should be understandable, reliable, relevant, timely, consistent, and comparable (Reck & Lowenshon, 2016, p 352).