AboutConsuelo 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.
Question what is the audit plan of legal and repair&maintenance expenses for company?
Answer Dear TENG,
Thank you for writing.
The audit plan is the same regardless of the account you are auditing.
A good approach could be:
Verify and test internal controls
Identify homogeneous expense populations and develop a procedure for each group. If feasible, separate tax paid and non-tax paid items into separate groups.
Identify extraordinary items and review separately.
Perform a reconciliation of expense purchases to summary records and financial statements.
Identify a population of expense for R & M, excluding extraordinary expense for R & M. A portion of the identified population will be included in a population base for a sample audit. Extraordinary items will be reviewed separately.
The population base for sampling will consist of expenses recorded to the following general ledger accounts:
(Insert detail listing of accounts of interest)
Develop a sampling approach.
The state auditor will evaluate the sample to make sure it meets the states sampling guidelines. If it does not evaluate, then modifications to the sampling selection will be made until it does evaluate. After the selected sample evaluates, the state auditor will complete a Block Sample Agreement, which will become Exhibit B to the managed audit agreement.
Prepare a schedule of adjustments.
