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Auditing/Questions Answered by Expert Consuelo Herrera, International Accountant and Fraud Examiner
| Subject | Date Asked |
| ICWAI Career | 7/1/2010 |
| Q: I am doing my B.Com and ICWAI simultaneously. Just now I have completed my B.Com 2nd year and also ... A: Congratulations on your achievements. Having that mix of skills is a great for career advancement. ... | |
| auditing | 2/17/2010 |
| Q: Who can request an audit? Can i request this on an ex spouse personally or do i have to have it done ... A: With respect to your question, my best suggestion is that you hire a forensic accountant to ... | |
| Help | 11/21/2009 |
| Q: I want to ask some questions to you related to my study. please help me. 1.Write short note on ... A: Sorry but I cannot answer your questions because it would undermine your responsibility as a future ... | |
| CFE Cannot find work in field | 11/9/2009 |
| Q: I am a Certified Fraud Examiner and I will be completing the Executive M.S. in Economic Crime ... A: I am amazed that with your background you have not yet found a position helping fight financial ... | |
| Auditor's certificate | 10/27/2009 |
| Q: What is Auditor's Certificate? How does it differ from Auditor's Report? In what circumstances it is ... A: You will find these questions in a very detailed manner by visiting the IIA (The Institute of ... | |
| accepting client engagement | 10/26/2009 |
| Q: I have an upcoming assignment where I am the audit partner in an audit engagement. Can you explain ... A: Before an auditor accepts an engagement he or she has to exercise due diligence. It means, finding ... | |
| Auditing | 10/5/2009 |
| Q: What are some legitimate business practices that corporate executives can use for the primary ... A: Manipulating earnings is usually detrimental for the organization and for the auditors as well. ... | |
| audit partner | 10/2/2009 |
| Q: I have an upcoming assignment where I am the audit partner in an audit engagement. Can you explain ... A: The term audit partner refers to a person who is a member of the audit engagement team (who has ... | |
| audit plan | 9/26/2009 |
| Q: what is the audit plan of legal and repair&maintenance expenses for company? A: The audit plan is the same regardless of the account you are auditing. A good approach could be: • ... | |
| Auditing | 9/21/2009 |
| Q: How long after an employee leaves contractor A is it ethical to perform a financial audit of ... A: Coupled with ethical matters is the contract clause that states how long you are prevented for ... | |
| INTERNAL AUDIT AND IT AUDIT | 9/7/2009 |
| Q: what are the steps involved in auditing A: The steps involved in auditing are: 1) Pre planning the engagement 2) Learning about the client and ... | |
| School Activity Account Audit and Booster Club Audits | 8/26/2009 |
| Q: I have requested an audit done on our Dance Team Booster Club...this organization in its bylaws ... A: If this organization is has a non tax exempt, they must be in compliance with IRS regulations. You ... | |
| A Q | 8/13/2009 |
| Q: I am American citizen working overseas in a foreign country at this time. I started working overseas ... A: Since I am prevented for providing tax advise, I suggest that you cut and paste the link below, ... | |
| Bonus shares | 8/9/2009 |
| Q: I read your answer on bonus shares. I have a doubt. Suppose a company has got USD100000 in its cash ... A: Deay Gyan, Thank you for contacting me. These are two different transactions. The face value of ... | |
| Audit Plan and workpapers | 8/3/2009 |
| Q: I am unsure of how to formulate an audit plan i.e the contents of an audit plan and can you explain ... A: I believe the letter below issued by the American Institute of Certified Public Accountants will ... | |
| Audit Plan and workpapers | 7/30/2009 |
| Q: I am unsure of how to formulate an audit plan i.e the contents of an audit plan and can you explain ... A: Below is a sample of the way an audit plan was formulated by an entity. It should give direction. I ... | |
| Beginning Balances | 7/23/2009 |
| Q: If you are auditing a company for the first year, what types of tests or methods should be used to ... A: Reviewing the predecessor auditor’s working papers can provide sufficient appropriate evidence ... | |
| Audit testing of member dues | 7/15/2009 |
| Q: I am trying to Design a test for Member dues. They are actually called "check-off" dues as they are ... A: I have seen organization matching members' dues similar to the situation you described. For example, ... | |
| Fraud | 7/1/2009 |
| Q: I was recently working with a company that does not report about 95% of their cash intake. They have ... A: I am so sorry to hear that this fraud scheme is affecting you. I am happy though that you are taking ... | |
| wanna ask a question, | 6/27/2009 |
| Q: sir i wanna ask what is inflation , how we count it,where it is count in india,on what product it is ... A: As per the Investopedia, below please find some information about your question. If you need further ... | |
| audit workpapers | 6/25/2009 |
| Q: I completed an audit of a N.C. governmental unit under Government Auditing Standards. The attorney ... A: The document below could give you some insight regarding your concern. In addition the PCAOB AU ... | |
| SS-8 | 6/17/2009 |
| Q: I worked for a company as a regular employee. After some time, the company re-classified me as a ... A: This is what the Internal Revenue Service, IRS states: Treating employees as nonemployees:(From the ... | |
| AICPA Depreciation | 6/15/2009 |
| Q: Where can I lookup the Depreciation methods in accordance with the AICPA? I would like to know the ... A: Depreciation methods in accordance with Generally Accepted Accounting Principles can be found in the ... | |
| external auditing | 5/18/2009 |
| Q: what is external auditing? A: External auditing is the process through which and auditor, a Certified Public Accountant (CPA), ... | |
| Auditing | 5/11/2009 |
| Q: What is meant by the Continuous Audit? Compare between Continuous Audit and Periodical Audit. How ... A: This is a homework question. I suggest you do your own research otherwise you will not be well ... | |
| auditing | 5/4/2009 |
| Q: Describe the main provisions of company law regarding the appointment, duties and removal of an ... A: I am under the impression that your question is a school assignment. Hope you do not expect someone ... | |
| balance sheet | 4/25/2009 |
| Q: how do i prepare a balance sheet in a case where i have no assets, no liabilities but received only ... A: It seems that you received a grant for a special project. If it is the case, visit TechSoup.org ... | |
| auditing | 4/22/2009 |
| Q: What is the procedure followed by a company while making an issue of bonus shares? What are the ... A: When a company has accumulated large reserves which cannot be disrtibuted as dividends in cash ... | |
| CPA Audit Manager to serve Gov't & Not for profit | 4/13/2009 |
| Q: Can you recommend a candidate for the opportunity described below: Audit Senior Manager, Government ... A: I will pass your information along to members of my network who may be aware of professionals ... | |
| Informal internal audit | 4/13/2009 |
| Q: I am a CPA, although my license is currently on maintenance so I am not able to practice. I am ... A: Sorry for the delay. The American Institute of Certified Public Accountants (AICPA)has a wealth of ... | |
| Informal internal audit | 4/8/2009 |
| Q: I am a CPA, although my license is currently on maintenance so I am not able to practice. I am ... A: I understand your desire to help this organization and I commend you for that. I think the best way ... | |
| debt to equity ratio | 4/4/2009 |
| Q: I have found 2 different debt to equity ration formula: 1. =total liabilites/shareholder's equity ... A: Total liabilities divided by total assets. The debt/asset ratio shows the proportion of a company's ... | |
| Reportable Income | 3/15/2009 |
| Q: My husband and I started our own transporting business. We transport vehicles via a dually truck ... A: First and foremost, I apologize for the delay, I got caught up with deadlines and this, is the ... | |
| How to set-up an external audit | 2/26/2009 |
| Q: I was recently appointed to the Board of a 501(c)3. However, I now have some concerns about past and ... A: Congratulations for being proactive and taking your responsibility as a Board member that way. ... | |
| My S-corp Articles | 2/25/2009 |
| Q: I am trying to open up a new bank account and they need a copy of my S-corp articles. Somehow I seem ... A: Articles of Incorporation is the document you filed in the Department of State when your company was ... | |
| Career Path help | 2/24/2009 |
| Q: I am currently about to start my senior year at FIU in accounting. My goal is to eventually become a ... A: It seems to me that you have your goals properly setup. It makes sense they way you are planning on ... | |
| Audit Plan | 2/16/2009 |
| Q: !! I'm an Internal Auditor of a Rural Bank, I'm new in this field of work, I need some help to be ... A: Once you have obtained an understanding of the client and its environment your focus should be on ... | |
| Bank Certified Check fraud | 2/8/2009 |
| Q: an official bank check was prepared and cashed. the check was signed by two (2) authorised ... A: Plase keep in mind that I am not an attorney so my response is intended just to let you know what I ... | |
| Training Auditors | 2/5/2009 |
| Q: Our training division is looking into topics in Word 2007 to train our office and field auditors in. ... A: Since your focus will be into Word 2007 I am assuming that your auditors are very proficient in ... | |
| Steps for Auditing | 1/11/2009 |
| Q: Sir, Pls tell me all steps for Audit.. Start to end.. after that I shall ask some quetions ... A: The audit is a complex engagement that has many steps, starting off with a pre-audit where the audit ... | |
| auditing | 1/7/2009 |
| Q: What information can external auditors share with internal auditors which may be beneficial to the ... A: External auditors interact with internal auditors in different a manner depending on the ... | |
| Analytical review | 11/11/2008 |
| Q: Sir... When conducting analytical review, what sotware could be of possible use...? And how much ... A: The CPA Journal Online states that Computer-assisted audit techniques and tools (CAATT) can play a ... | |
| Internal Audit Manager | 11/4/2008 |
| Q: What are the main advantages and disadvantages of changing the external auditor? ANSWER: Dear ... A: The best place to find job descriptions and responsibilities for internal audit manager are the ... | |
| Changing the external auditor | 10/27/2008 |
| Q: What are the main advantages and disadvantages of changing the external auditor? A: The main reason companies change the external auditor is because there were disagreements with the ... | |
| to take CIA or not | 10/12/2008 |
| Q: I'm migrating to Canada soon. I am from the Philippines and I've heard how difficult it is for ... A: You are very proactive and you have an exceptional background which for sure, will open many doors ... | |
| Auditing & Accounting | 9/24/2008 |
| Q: How much is the new starter / fresh graduated from Accounting degree paid in US? first as auditor in ... A: Regarding compensation, it depends. Fresh graduated with experience and certifications, could make ... | |
| Now what? | 9/23/2008 |
| Q: you have nicely answered my previous question concerning my ss8 filing. Thank you for that. Now I ... A: Hope things get better in your relationship with the IRS. Concerning this particular situation, ... | |
| Now what? | 9/22/2008 |
| Q: you have nicely answered my previous question concerning my ss8 filing. Thank you for that. Now I ... A: Good to hear that the IRS ruled on your behalf. I would suggest that you contact the taxpayer ... | |
| hi | 9/13/2008 |
| Q: "Please answer what u can Background: under the affordable housing program there are lotteries for ... A: I am sorry but this is not an area of my expertise. I hope you find this answers with a ... | |
| Accountant filed for Chapter 7 | 9/3/2008 |
| Q: I am graduating soon and I am feeling very nervous about looking for a job. The reason being is that ... A: Congratulations on your graduation. The issue related to finances will come up right from the ... | |
| SS8 Status | 8/19/2008 |
| Q: I was wondering if you have any idea exactly how long it takes to receive the determination status ... A: I understand your frustration and I found that very unusual that you have not received a response. ... | |
| Audit workpapers | 8/14/2008 |
| Q: We are switching audit firms. The previous firm says it will charge a considerable fee for the new ... A: I apologize for not providing you with a response sooner. Communications between predecessor and ... | |
| hi | 7/21/2008 |
| Q: please answer wat u can" thanks! hi,i get ssdi from the SSA and am wondering if <and in general < ... A: Sorry for the delay but I have to do more research on this matter. I will get back with you soon ... | |
| TAX RETURN AUDIT | 7/10/2008 |
| Q: hope i am at the right place to ask this q'; I live in the state of Florida. my tax return is being ... A: You are asking questions about two different matters here. According to your question you are being ... | |
| Bishop's Report? | 7/8/2008 |
| Q: This is the longest of longshot questions, but worth a stab. When I was ten years old--nearly sixty ... A: Honestly, I have not heard of that report pertaining to a credit or background report. I did my own ... | |
| CPA designation | 7/7/2008 |
| Q: I am a recent graduate from a Canadian B.Com program ready to pursue the CPA designation. However ... A: Congratulations on your degree!You are embracing a very rewarding career and an ongoing learning ... | |
| Audit danger? | 6/15/2008 |
| Q: I heard that the works of an auditor comes with danger including being threaten and even murdered to ... A: What you heard somehow is true. Those threats have been more toward investigators of financial ... | |
| Career related questions | 6/14/2008 |
| Q: What are the opportunities to gain for being an auditor? Is the income good? How significant is ... A: Auditors professionals are required almost in every corporation and even small business should have ... | |
| is CPA right for me? | 6/3/2008 |
| Q: i have jus finished my graduation in an indian university. and i will be starting my CPA course NEXT ... A: Congratulations on your graduation! You have reached a milestone on your life and although I ... | |
| hi | 5/7/2008 |
| Q: a friend of mine has bad credit she has below avg intelligence and related to me that a man ahd ... A: Every employer, contractor, and of course, government entities should verify social security numbers ... | |
| hi | 5/6/2008 |
| Q: a friend of mine has bad credit she has below avg intelligence and related to me that a man ahd ... A: Although you have asked me so many questions, all of them are interconnected. Bear in mind that I am ... | |
| detect fraudulent entries | 4/17/2008 |
| Q: What procedures can auditors perform to detect fradulent entries made during the consolidation ... A: I will provide you with an answer in two days. I apologize but I had a very busy last week. Thank ... | |
| CPA certification | 4/7/2008 |
| Q: I read another question / answer on this subject but am still slightly confused. Is the CPA ... A: No, the CPA certification is not the same around the world. For example, if you are a CPA in the ... | |
| Accounting | 10/26/2006 |
| Q: My name is Jessica Mancosh and I am a seventh grade student at St. Teresa of Avila school. I am ... A: I answered this questions last week. Please let me know if you got my response. Meanwhile, I ... | |
| Reporting assets with no acquisition cost in balance sheet | 10/17/2006 |
| Q: 1. If an item (asset) was self-constructed (in my case, racing horses), then transferred to my ... A: First of all, I apologize for the delay getting back with you. I was swamp with a deadline and ... | |
| Tax Strategies | 9/12/2006 |
| Q: What's the difference between cash flow statement, balance sheet, profit and loss statement? A: You mentioned three out of the four primary financial statements where accountants summarize the ... | |
| auditing | 9/11/2006 |
| Q: in this below return ,you have discribes the external auditor ,but you didn't explain much about ... A: I hope you received my laste-mail where I directed you to the Inspections reports issued by the ... | |
| auditing | 9/5/2006 |
| Q: what are the internal controls and external auditors? A: External auditors and the internal control function should be very well integrated in order for the ... | |
Auditing
Consuelo Herrera, International Accountant and Fraud Examiner
Top Expert on this page
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.
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