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Resume of Lynn C. Jones, CPA, ABV, CFE

CORPORATE INVESTIGATIONS

Engaged by the audit committee of the Board of Directors of a publicly-traded company to investigate apparent earnings overstatement which had been accomplished by overstating inventory held overseas, understating international tax liability and overstating sales. Investigation arose from reports of intimidation of accounting department staff and the sudden departure of a high level executive.

After auditors found accounting irregularities at a company preparing a public offering, prepared an analysis of specific devices used to delay recording purchase liability for goods purchased internationally. The proper recognition of inventory coupled with delayed recognition of related liabilities allowed the overstatement of assets and income for more than four years.

After being engaged by an investor to explore the business operations of a barely- profitable company engaged in defense contracting, learned of a number of illegal acts. Report and testimony resulted in a takeover of the company by investors and led to a later plea to a Federal felony by the ousted company president.

Investigated employee whistleblower complaints of selling actions in violation of embargo against a Middle East government. Effort included analysis of distribution chain through agents, contractors and third party companies to allow the sale of high technology machine parts to a destination that was hidden from mid-level employees at the selling company.

Investigated and reported to the audit committee of the Board of Directors of a nonprofit educational institution regarding apparent embezzlement and false accounting entries. Determined the time period of the embezzlement, devices employed, extent of loss and names of parties other than the educational institution whom suffered losses through this activity.

When auditors learned that repurchase guarantees had been given in connection with certain fast-depreciating technology goods, conducted a thorough review of the selling process, including extensive interviews with sales staff. Learned of the type of “side letter” guarantees issued, the time periods issued, and measured this previously unrecognized liability associated with replacement parts for an evolving product line.

Appointed by the Los Angeles Superior Courts to investigate the accounting for revenue sharing by a multi-state producer-distributor of infomercials and licensed services. Reported the existence of payments to insiders erroneously recorded as operating costs and the existence of false financial reports that had been issued only to the complaining party, resulting in the appointment of a receiver to take over the company.

Investigated the accounting for foreign tax credits and the determination of partnership distributions by the producer of more than 200 low budget feature length movies. Report outlined failure to account for tax credits in the determination of partnership profits. While not an original part of the investigation, also found and reported a pattern of shifting costs from one production to another in order to enrich certain partners at the expense of others.

On behalf of an energy regulator, directed a management audit of energy conservation incentive programs and related expenditures for energy-efficient materials, devices and educational programs. Included an evaluation of funds management, an exploration of slow adoption of qualified programs, and the favoring of certain vendors despite poor performance by the vendors. Report included the serendipitous finding of ongoing criminal conduct by a mid-level insider and demonstrated that neglectful financial management caused significant losses.

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