Accounting Sales
Resume:
LEWIS A. DULITZ, CPA
********@*****.***
Upton, MA
EXECUTIVE SUMMARY
A highly accomplished financial and operational business leader with an outstanding record of success across multiple
industries including: Medical Devices, Pharmaceutical, Retail and Software. Began career in Big 4 and stayed through Audit
Manager. Obtained significant international experience over the last 17 years by working for several large multinational foreign
parented companies including: Bermuda, Ireland, The Netherlands and UK. Responsible for the provision of accounting
guidance and strategy under both US GAAP and IFRS. Leverages technical accounting knowledge to collaborate with other
departments on the development of standardized contracts, acquisitions and divestments, license deals, financing arrangements,
restructuring programs and lease contracts.
SELECTED ACHIEVEMENTS:
• Nationally recognized IFRS implementation expert. Twice published in the Journal of Accountancy (April 2009 and April
2010) and quoted in CFO.com, IFRS.com, Oracle and BNA.
• Appointed to a 4-year term to the advisory council to the FASB.
• Lead critical company initiatives and report to Covidien’s Audit Committee on matters including the Company’s revenue
recognition practices in Asia, Europe and Latin America, consolidated and statutory adoption of IFRS and implications of
the newly enacted health care legislation.
• Identified an opportunity to accelerate cash flows in excess of $200 million through the creation of a management
dashboard to monitor DSO and DPO.
• Provide accounting guidance on complex matters including revenue recognition, rebates, research and development,
business combinations, licensing, international tax planning, share based compensation, debt, financing arrangements,
leasing, functional currency assessment and consolidation.
• Develop global accounting policies on existing and emerging guidance. Evaluate the impact of emerging guidance from a
financial statement, systems and business practice perspective. Lead implementation efforts for new guidance.
• Successfully partner cross functionally and globally with Legal, Treasury, Sales, Marketing, R&D, Tax, M&A, Investor
Relations and Controllership departments.
• Built the first automated IFRS / US GAAP checklist in 2006 while working for Royal Ahold to facilitate the SEC’s
required disclosure of the reconciliation between IFRS and US GAAP successfully remediating the Company’s material
weakness assessed in its initial conversion in 2005.
• Trained financial and non-financial personnel on accounting matters from over 40 different countries.
EDUCATION
Tulane University, New Orleans, LA
Bachelor of Science in Management, concentration in accounting (1993)
Northeastern University, Boston, MA
Masters of Business Administration / International Management
PROFFESSIONAL ACTIVITIES
• Advisory Council to the FASB - 2007 - 2011
• Presented at AICPA’s International Issues Conference (January 2008), National CFO Conference (May 2009) and AICPA / IASC
Foundation Conference (October 2009)
• Served as a panelist on a live webcast for the AICPA on IFRS reaching over 1,500 participants (October 2008).
• Served as a panelist on “SEC Hot Topics” at the 6th Annual Pharmaceutical and Biotech Accounting and Reporting Congress.
• Serve on FEI’s Corporate Roundtable on International Financial Reporting.
EMPLOYMENT HISTORY
July 2007 to present
COVIDIEN, Mansfield, MA
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes
and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range
of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2009
revenue of $10.3 billion, Covidien has 42,000 employees worldwide in more than 60 countries, and its products are sold in over
140 countries.
Vice President of Accounting Policies & Research
The Accounting, Policies & Research department was created upon spin-off from Tyco. The department was tasked
with the development of accounting policies and procedures specific to Covidien and the industries in which it
operates, identify and prepare white papers for complex transactions, institute a global training curriculum for
finance and non-finance professionals and lead special projects.
• Develop accounting policies and procedures as a new publicly traded company to mitigate the risk of inconsistent
accounting and reporting.
• Establish key relationships across different departments, geographies and Business Units to assist in the
identification of accounting issues.
• Review unique, complex and material transactions to identify accounting alternatives and recommend the
Company’s final position. Such issues include the interpretation of distributor agreements, collaboration and
development arrangements, co-marketing agreements, license deals, complex rebate accounting, acquisitions,
divestments, restructuring, contingencies, functional currency assessments, tax planning strategies and leases.
• Lead Covidien’s consolidated adoption of IFRS for Irish reporting purposes as well as statutory adoption in
Covidien’s other international locations.
• Prepare Company responses to proposals from accounting standard setters (FASB and IASB).
• Analyze, communicate and coordinate the implementation of new accounting pronouncements.
• Liaise with external and internal auditors regarding technical matters which can or will impact accounting policies
and procedures.
• Design and deliver annual training curriculum to the worldwide finance organization with participants from over
50 different countries.
• Assist with the development and review of procedures for Covidien’s Shared Service Centers in Europe and the
U.S.
• Responsible for the review of the overall quality of Covidien's financial statement disclosure, drafting of the critical
accounting policies footnote, impact of emerging guidance and quantification of the financial statement effect of newly
implemented guidance.
• Examples from last year's Form 10-K include the new revenue recognition guidance (EITF 09-3 and 08-1).
• Examples from this quarter's Form 10-Q include new credit quality disclosures and the newly enacted healthcare
legislation.
• Design templates to facilitate quantification of data from field controllers for disclosure when not captured
systemically.
• Served as panelist at top industry conference on SEC Hot Topics (March 2010).
June 2004 to July 2007
ROYAL AHOLD, Braintree, MA / Amsterdam, The Netherlands
With revenues of €56 billion in 2005, Royal Ahold was the 4 th largest food retailer in the world. The US represented
approximately 74% of total sales between its retail and foodservice divisions. Royal Ahold was listed on the New
York Stock Exchange (AHO) and Euronext (Ahold Kon) which required specialized knowledge of both IFRS and
US GAAP.
Senior Director of Corporate Accounting:
Responsible for the identification, research, documentation and conclusion of complex accounting issues and
transactions within the United States.
1 Establish and lead the newly created technical accounting department in the United States
1 Analyze and monitor existing and emerging accounting guidance for applicability.
1 Work closely with operating companies to identify and resolve technical accounting issues including revenue
recognition, real estate, inventory, intangible assets, pensions, commitments and contingencies, income taxes,
vendor allowances, restructurings, impairments and divestments.
1 Develop implementation guidance for inclusion in Ahold Accounting and Procedures Manual while serving as the
only US representative on the Accounting Manual Committee.
1 Serve as primary contact for external auditors for quarterly and annual closes.
1 Present position papers to the National Office of the Company’s external auditors
1 Lead global training initiatives through the development of content and the facilitation of classroom sessions,
webinars and online training modules.
1 Participate in quarterly closing meetings with the senior management of each US operating company and the local
and international audit partners to discuss significant events that transpired and their related accounting affects.
1 Responsible for the final internal reviews of divested entity financial statements for Regulation S-X compliance
including US Foodservice which was sold for $7.1 billion.
1 Represent Corporate Accounting in new business ventures team for contract negotiations with vendors including
Hallmark, Starbucks and Sony Home Pictures Entertainment.
2 Gained valuable SEC experience through preparation of Ahold’s US GAAP financial statements and reconciled it
back to IFRS.
January 2003 to June 2004
AGRESSO AMERICAS (Acquired by Unit 4 Agresso), Woburn, MA
Agresso Americas is a whole owned subsidiary of Unit 4 Agresso, a publicly traded company on the Euronext exchange.
Consolidated gross revenues for 2002 were € 219.1 million. The Company designs, sells and markets accounting and business
analysis software.
Vice President of Finance and Administration
Responsible for all aspects of accounting and finance of US and Canadian operations.
1 Represented Agresso Americas during Unit 4 Agresso’s acquisition of the Company which included the due
diligence process conducted by KPMG, 3 year audit conducted by Ernst & Young and the transfer of shares and
options into Unit 4 Agresso shares.
2 Established Software Revenue Recognition policies in accordance with SOP 97-2, SAB 104 and related elements
for each vertical.
3 Created transfer pricing agreement for US and Canadian entities.
4 Identified tax exposures relating to income, state and local, sales and use and payroll. Actively negotiated
settlements with US and Canadian tax authorities.
5 Standardized customer and employment contracts with legal counsel for each country
6 Developed metrics with other business unit managers to evaluate operational efficiencies and identify areas for
improvement for Sales, Services, Support and Development departments.
7 Responsible for the local and consolidated monthly close, budget to actual analysis and cash flow.
8 Reported monthly financial results to parent company and reconciled financials for differences between US and
Dutch GAAP
9 Managed consolidated cash position involving multiple currencies.
10 Negotiated customer, facility and equipment leasing contracts.
August 2001 to December 2002
ALTIO, INC., (Acquired by Integra SP), Charlestown, MA
Altio is a software platform for the development and deployment of enterprise class applications in a browser. Altio provides
the visual rendering of an application, which is referred to as the Presentation Layer. Altio closed two institutional rounds of
financing raising $11.5 million from Amadeus Capital Partners, Atlas Venture and HarbourVest Partners.
Director of Finance
Responsible for all aspects of accounting and finance of US and UK operations.
• Responsible for the local and consolidated monthly close, budgeting, cash flow and forecasting
• Established Software Revenue Recognition policies in accordance with SOP 97-2, SAB 101 and related
amendments
• Managed consolidated cash position in multiple currencies
• Created foreign reporting package and close schedules
• Reported to the Board of Directors monthly financial and operating results
• Secured $2 million in debt financing from GATX European Technology Ventures
• Negotiated sales contracts with customers including Bloomberg, Sun Microsystems, Adecco, Citzens, The
Hartford and Bank of America
• Completed 2000 and 2001 audits of UK and US entities
• Successfully managed due diligence process with Sun Microsystems and SAP Ventures
• Worked with legal counsel on C round documents and bridge financing
• Prepared reporting packages for venture investors
• Filed Research and Development Tax Credit claims in the UK, net refund of $400k
• Evaluated insurance risk and purchased appropriate coverage
• Established 401(k) plan, health and life insurance for all US employees
August 2000 to July 2001
PFN, INC., Cambridge, MA
PFN is a provider of intelligent and secure communications software used to build “real-time” networks over the Internet. PFN
was founded in 1995 and has raised over $20 million in financing from angel investors.
Controller
Worked with the management team and provided them with critical financial information necessary to a start-up
including cash flow forecasting, stock option pricing and financial statements.
1 Developed revenue model and pricing structure with Senior Management
1 Assessed and improved existing accounting system and internal control procedures
1 Presented financial statements to management and Board of Directors
1 Created capitalization table and reports for investors
1 Assisted CEO with investor relations
1 Selected audit firm and coordinated audit
1 Supervised staff accountant and provided professional mentoring
1 Established relationships with new and existing vendors
October 1996 to August 2000
DELOITTE & TOUCHE LLP, Boston, MA
Audit Manager
Focused primarily on high tech, retail and manufacturing clients throughout the New England area. Clients included
Robotic Vision Systems, Inc. (NASDAQ: ROBV), Ardent Software (NASDAQ: ASCL), Dr. Solomon’s Software
(acquired by Network Associates NYSE: NET), Courier Corporation (NASDAQ: CRRC) and Providence & Worcester
Railroad (AMEX: PWX). Gained invaluable experience working with clients and our regional and national offices on
complex accounting issues including revenue recognition, restructuring, inventory valuation, capitalized software and
purchase accounting.
1 Supervised and coordinated national and international audits for clients with revenues approximating $200m.
1 Extensive SEC reporting experience including Forms 10-Q, 10-K, S-1, S-8 and 20-F
1 Mergers and Acquisition experience including the audit of the target and subsequent purchase based accounting
(Ardent Software / Prism Solutions)
1 Assisted clients with due diligence procedures (Dr. Solomon’s Software product line acquisition)
1 Consulted with clients throughout the year on accounting policies and procedures and best practices
1 Managed and developed staff at all levels
May 1993 to September 1996
PAILET, MEUNIER & LEBLANC LLP, New Orleans, LA
Staff Accountant
Pailet, Meunier and Leblanc is a top local accounting firm in the New Orleans area in which I began my professional
career. Starting with a smaller firm, I had the opportunity to learn the fundamentals of accounting, auditing and tax
1 Preparation of individual, partnership, corporate and estate tax returns.
2 Assisted clients with monthly and year-end closings.
3 Trained clients on their accounting software.
4 Supervised and coordinate local and regional audits.
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