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About Consuelo Herrera, International Accountant and Fraud Examiner
Expertise
I can answer questions concerning internal and operational auditing, fraud prevention procedures, internal control, the Sarbanes-Oxley Act, COSO control concepts, and management oriented auditing. I would love to provide business-owners with suggestions on how to prevent and detect fraud so that they are proactive in protecting their wealth since the very beginning of their entrepreneurial affairs. I can answer questions to both English and Spanish population. I am very committed to keep my standards up today so I know many resources where I can direct those seeking advice.

Experience
I have rendered services for private companies, profit and non for profit, in two countries. As independent consultant I have provided advice to managers in implementing procedures that streamline their operations and enhance their activities. As a staff accountant in a US CPA firm, I performed regular auditing procedures for different engagements.

Organizations
AICPA (American Association of Certified Public Accountants), ACFE (Association of Certified Fraud Examiners), ACFEI (American College of Forensic Examiners.

Education/Credentials
Bachelors of Sciences in Business Administration – Accounting University of South Florida USF – Tampa Florida Catholic University – Colombia Title earned: Specialist in Tax and Customs Central Foundation University – Colombia Title earned: Certified Public Accountant. On August, 2006 I passed all four sections of the Certified Fraud Exam which tests for proficiency in the following areas: Criminology and Ethics, Financial Transactions, Legal Elements of Fraud, and Fraud Investigation.

Awards and Honors
As employee of Forensic Technology Inc. a Canadian company with locations and sites worldwide, I was the winner of the 2005 President's award in the category of Cost Savings through Efficiency or Innovation granted in January 2006 in Montreal, Canada.

Past/Present clients
I have provided advice to all kind of companies: manufacturing, service, consulting, non for profit organizations, etc.

You are here: Experts > Business > Corporate Law > Auditing > accepting client engagement

Auditing - accepting client engagement

Expert: Consuelo Herrera, International Accountant and Fraud Examiner - 10/26/2009

Question
QUESTION: Hello! I have an upcoming assignment where I am the audit partner in an audit engagement. Can you explain to me exactly what an audit partner actually does on an audit engagement. What are his roles and responsibilities? Thanks for your help.

ANSWER: The term audit partner refers to a person who is a member of the audit engagement team (who has responsibility for decision-making on significant auditing, accounting, and reporting matters that affect the financial statements or who maintains regular contact with management and the audit committee.

An audit partner includes the lead and concurring partners, who assist the client, who consult with others on the audit engagement team during the audit, review, or attestation engagement regarding technical or industry-specific issues, transactions, or events. An audit partner is someone who brings insights to the audit team as a result of his or her experience.

I am surprised that you have been designated to be an audit partner in an audit engagement without knowing the extent of your responsibilities. I suggest you contact your superiors for guidance as what exactly is expected from you in that role.

I wish you success in your endeavors.

Sincerely,

Consuelo Herrera, CAMS, CFE
www.fraudsolutionsinternational.com

---------- FOLLOW-UP ----------

QUESTION: Hello Mrs.Herrera!

Thank you for your help with my last question. I have a new question based on accepting client engagements. I am given the financial report of a public company which shows financial comparisons for last year and the year before. I have been asked to act as if I have been approached by the public company to act as its external auditor. Based on the financial statement I have been given and all possibly external data, I have been asked to decide whether to accept the engagement or not and make a preliminary assessment of accepting the audit engagement. I must also document the process you need to go through before I accept a new client. Could you advise as to how I go about doing this, I have read a few steps off my prescribed text book. Any light you could shed on my dilemma would be a great help. Also what other possible external data can I use? Looking forward to hearing from you! Thanks!

Answer
Dear Kylie,

Thank you for contacting me.

Before an auditor accepts an engagement he or she has to exercise due diligence. It means, finding out about the client's reputation. It can be achieved through bankers, attorneys, the predecessor auditor, etc.

In addition it is very important to find out the reasons for the auditor's change. If it caused for a disagreement with management, the successor auditor needs to learn the reasons for that disagreement.

If management lacks integrity, it should prevent an auditor for accepting an engagement. It is said that auditors must exercise professional skepticism. Which requires verification, observation, and other assets procedures needed to determine the truthfulness of management's assertions.

You can find additional information by visiting the American Institute of Certified Public Accountants, www.aicpa.org

Please grade my responses.

I wish you success in your studies.

Sincerely,

Consuelo Herrera, CAMS, CFE
WWW.fraudsolutionsinternational.com
www.accounting.bellaonline.com

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