Insurance Real Estate

JASWANT S. MUNDRA

*** ******** ***.; Sunnyvale, CA 94086

408-***-****. *******@*****.*** cell: 408-***-****

SUMMARY:

** + years of experience in accounting, auditing, analysis, GAAP. GAAS,

STAT

15 + years experience in the use of PCs (Excel, Access, Word, Lotus,

WordPerfect, ACL, SQL, and Oracle Financials)

Formal training in MS Excel, Word, Access, Oracle SQL & PL/SQL

Excellent communication, interpersonal, analytical and problem-solving

skills

CFE, OCP

Passed all parts of the Uniform CPA Examination.

Passed the CISA Examination. (Certified Information Systems Auditor)

ACCOMPLISHMENTS:

. Discovered a bug in the program which produced a computer run for

receivables. This bug had remained undetected since the program

was designed and remained undetected through 20 years of CPA

audits, internal audits and statutory exams. Company corrected the

problem resulting in the company receiving accurate data for

better analysis.

. Identified a stop loss reinsurance treaty as not transferring any

risk at a major multinational insurance company. (This happened

before FASB 113). While reviewing the data for this stop loss

reinsurance discovered that the change in the present value of the

reserves (discounted reserves) every year was not accounted for

properly resulting in the misstatements of the financial

statements. (This discovery was discovered because of exposure to

one year of mandatory Mathematics required in the bachelor's

business degree). Resulted in correcting the unintentional

misstatement of income statement.

. Discovered overpayment of premium taxes of over $250,000. Resulted

in the Company filing for a refund of the overpayments.

. Discovered illegal dividend payments to the parent company. The

Company amended procedures to prevent similar incidents in the

future.

. Discovered procedural problems in recording of data where the

company reported the date of completing paperwork for issuing a

check on a loss as the report date. This had remained undiscovered

through numerous previous CPA audits and statutory exams. The

company revised procedures to correct this weakness.

. On the investment portfolio, discovered that the stated value of

amortized bonds went up and down every year. This had remained

undiscovered through numerous previous CPA audits and statutory

exams. The Company revised procedures to have a proper review

program before booking these numbers and initiated a training

program for the staff.

. Discovered manipulation of Schedule P data by company management.

The company was manipulating the Schedule P data to reduce their

statutory reserve penalty. This enhanced the regulatory oversight.

. Designed templates to make actuarial projections for both loss

reserves and loss adjustment expense reserves for P & C companies.

These templates make projections by using incurred method,

incurred less IBNR method, paid method and do the unallocated and

allocated loss adjustment reserves separately using the same one

time input base data. Used these templates to make own actuarial

projections, resulting in discovering grave under-stating of loss

and loss adjustment expense reserves. This improved the regulatory

monitoring of the reserves.

EDUCATION:

Bachelor of Commerce Department of Commerce &Business

Management

Punjab University; Chandigarh, India

MBA (Accounting) Graduate School of Business

Long Island University; Brooklyn, NY

Certificate (Oracle Database Foothill College, California

EXPERIENCE:

05/2007 to 08/2009: Bank of the West, Walnut Creek, CA

VP Accounting Policy: Research on GAAP (FASBs, SOPs, EITFs etc.) and

IFRS issues and advise Business Units on proper recording of financial

transactions in the GL in accordance with GAAP; e.g. treatment of non-

accrual loans, TDR, deferred origination cost, dealer floor plans,

credit card reward points plus IFRIC 13, SOP 03-3 loans, pension &

health benefit accounting, payroll and store value cards, FAS 140 etc.,

participate in Accounting Policy Manual update; Conduct financial

analyses, reconciliation and various analyses.

07/2005 to 05/2007: RobertHalf, Inc.: Internal audit contract positions

for clients of RobertHalf. Target audits to verify all revenues due

were collected and expenditures met the criteria of legality,

authorization and were properly coded and recorded.

09/2003-07/2005: Sterling Consultants, Inc, Nashville, TN:

Consultant: Reviewed and identified documents in a group of insurance

companies which would support Single Business Enterprise. Reviewed and

identified documents in a group of insurance companies which would

support filing a law suit against the management, reinsurer, auditors,

outside actuarial firm and outside legal firm for fraud, conspiracy,

breach of fiduciary duty, negligence, constructive fraud, breach of

contract, unjust enrichment and violations of the Racketeer Influenced

and Corrupt Organizations Act. Created reports on deductible

recoverables, claims and premiums using SQL.

07/1999 - 06/2003: Global Soft Solutions, Inc., Sunnyvale, CA

Senior Accountant: Manage the accounting operations, accounting close,

reporting and reconciliations. Budgeting, Cash Flows & Billings.

10/1997 - 07/1999: HuffThomas & Co.; Kansas, MO

Senior Examiner: As Examiner-in-charge (Lead Auditor) supervise

financial examination of insurance companies for States contracting

with HuffThomas; do risk analysis on the balance sheet accounts to

determine the emphasis and do the audit on these balance sheet

accounts. Review and analysis of annual and quarterly statements;

review compliance regulatory requirements; review reinsurance

contracts; review appraisals and contracts on real estate holdings;

review valuations and amortization of investments (largest single asset

on the balance sheet for insurance companies); use historical data on

losses (paid and unpaid) and do projections to determine future

payments for the past years; review minutes of Board of Directors

meetings; review SEC filings; collected sampled data and provided

statistical analysis to evaluate population; represent findings in a

formal examination report supported by exhibits and schedules;

supervise staff of big 4 CPA firms on financial examination of

Insurance Companies conducted by big 4 CPA firms on contract to the

state of domicile.

05/1985 - 10/1997: California Department of Insurance; San Francisco,

CA.

Associate Examiner: Performed financial examination of insurance

companies licensed to do business in California. Do risk analysis on

the balance sheet accounts and determine the emphasis and do the audit

on these balance sheet accounts. Review and analysis of annual and

quarterly statements; review compliance regulatory requirements; review

reinsurance contracts; review appraisals and contracts on real estate

holdings; review valuations and amortization of investments (largest

single asset on the balance sheet for insurance companies); use

historical data on losses (paid and unpaid) and do projections to

determine future payments for the past years; review minutes of Board

of Directors meetings; review SEC filings; collected sampled data and

provided statistical analysis to evaluate population; represent

findings in a formal examination report supported by exhibits and

schedules; discovered gross under-statement of reserves, discovered

bogus reinsurance agreements with no transfer of risk and wrong

accounting treatment on this reinsurance treaty.

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