You are here:
- Home
- Business
- Corporate Law
- Auditing
Auditing/Questions
| Subject | Date Asked | Expert |
| accepting client engagement | 10/26/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Bad to Worse | 9/2/2009 | Richard Stolp |
| Q: Stolp, I've been audited. I'm a fairly new entrepreneur; in 2005 while earning a BSEB degree I ... A: Sorry for the tough times. I would still take a few deep breaths and send a letter to the IRS. The ... | ||
| Bad to Worse | 9/2/2009 | Richard Stolp |
| Q: Stolp, I've been audited. I'm a fairly new entrepreneur; in 2005 while earning a BSEB degree I ... A: Is it just the mileage the IRS doesn't like? If you put, say on average, 75 miles a day on your ... | ||
| Bad to Worse | 8/30/2009 | Richard Stolp |
| Q: Stolp, I've been audited. I'm a fairly new entrepreneur; in 2005 while earning a BSEB degree I ... A: WCM, I would call the number on your notice and ask what your options are. I would also search the ... | ||
| School Activity Account Audit and Booster Club Audits | 8/26/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Richard Stolp |
| Q: I am American citizen working overseas in a foreign country at this time. I started working overseas ... A: Sam, You must work overseas for a full year, I believe the number of days is 330, or you receive no ... | ||
| A Q | 8/13/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Request for your opinion | 8/4/2009 | Richard Stolp |
| Q: I am Salim Shahi, working at Hyderabad for one reputed organization since 28.07.08. Due to some ... A: Are you at work in the US? I'll review US general practices. You are correct that you may quit your ... | ||
| Audit Plan and workpapers | 8/3/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Need advice on how to transition from an IT career to IT Audit | 8/1/2009 | Don Sadler |
| Q: I have worked as a network engineer for the past 15 years doing operations, implementation and ... A: I believe you underestimate the value you would bring to any audit shop. In almost every audit ... | ||
| Audit Plan and workpapers | 7/30/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Breaking into the field of IT Auditing | 7/24/2009 | Don Sadler |
| Q: I don't have an IT background nor have I ever worked in IT, but I have passed the December 2008 CISA ... A: Karl, You have a made a good choice. Both PCI and HIPAA will be hot for a long time; especially ... | ||
| Beginning Balances | 7/23/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| QUERY ABOUT CFE..Pls Guide, Thanx | 7/20/2009 | Don Sadler |
| Q: Its nice to see your valuable advice to all. Pls provide me some guidance also. I have a Bachelors ... A: Patel, the CFE is a good certification although I have never seen a person have ONLY this ... | ||
| Audit testing of member dues | 7/15/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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, ... | ||
| de minimis | 7/9/2009 | Don Sadler |
| Q: how do you calculate de minimis? A: ‘de minimis’ is a term used to refer to occasional benefits an employee receives that are ... | ||
| Fraud | 7/1/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Advanced Degree VS Certification | 6/28/2009 | Don Sadler |
| Q: I just graduated from college and couldn’t find a job in this tough economic time. The job market ... A: Yes, I would go for the MBA AND for the CPA. The CPA is the best of all certifications... not that ... | ||
| wanna ask a question, | 6/27/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Sales and Use Tax-Florida | 6/15/2009 | Richard Stolp |
| Q: I own a cleaning company in Florida. I recently received a notice stating I was being audited by the ... A: I would call the Florida State Dept of Revenue and talk to them about how to solve your balance due. ... | ||
| Is my Accountant negligent in this matter..... | 6/9/2009 | Richard Stolp |
| Q: I was audited for tax years 2005 and 2006 and the matter was settled/resolved by my accountant in ... A: Best of luck on resolving this with your CPA. I hope he surprises you with his answer. One minor ... | ||
| Is my Accountant negligent in this matter..... | 6/8/2009 | Richard Stolp |
| Q: I was audited for tax years 2005 and 2006 and the matter was settled/resolved by my accountant in ... A: I'd be happy to give my opinion, but it's only that. From your side of the story it sounds like you ... | ||
| IT Audit Career | 5/29/2009 | Don Sadler |
| Q: I have worked in IT for 12 years on and off as a contractor due to the bad job market for IT Pros. I ... A: I have had the pleasure of mentoring several experienced IT people as they mad the transition to IT ... | ||
| external auditing | 5/18/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| Q: what is external auditing? A: External auditing is the process through which and auditor, a Certified Public Accountant (CPA), ... | ||
| Auditing | 5/11/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
| Separation of Duties | 4/29/2009 | Don Sadler |
| Q: I work for a non-profit organization in New York. What is the auditing practice as it relates to ... A: The concept of separation of duties is that of an internal control designed to ensure that no single ... | ||
| balance sheet | 4/25/2009 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 | Consuelo Herrera, International Accountant and Fraud Examiner |
| 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 ... | ||
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.
©2012 About.com, a part of The New York Times Company. All rights reserved.