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's the difference between cash flow statement, balance sheet, profit and loss statement?
Answer Hello Dear,
You mentioned three out of the four primary financial statements where accountants summarize the results of business activity. (More specific details in the book Accounting Fifth Edition - Horngren, Harrison Bamber)
The statement of cash flows reflects the cash inflows and outflows. Consists of three sections: operating activities, investing activities, and financing activities.
The balance sheet reports the assets, liabilities, and owner's equity at a determined date. Total Assets = Total Liabilities + Owner's Equity. The date will be the same as the last day of the period for which activities are summarized in the income statement (profit and losses) and the statement of owner's equity.
The income statement presents a summary of the revenues and expenses for some period of time, such a month. It reports net income when the revenue is greater than the expenses. When the expenses exceed the revenue the result is a net loss.
The financial statement should be prepared in a timely manner in order to be useful in the decision-making process of an organization.
I hope it helps. I am looking forward to receive your feedback.
Cordially,
Consuelo Herrera
International Accountant and Fraud Examiner
