Internal Audit Manager/Director

MARK S. OLSON, CPA, MBA

***** ********* ******, *********, ***** Carolina 28277

636-***-**** (Cell), 704-***-**** (Home)

**********@*********.***; http://www.linkedin.com/in/marksolson

ACCOUNTING PROFESSIONAL

Diversified Financial Manager with domestic and international experience in Audit (15+ years) and

Controllership (10+ years). A consensus builder, who can design and implement time and cost saving

procedures effectively. Highly developed analytical, organizational, planning, teambuilding,

communications, and mentoring skills. An ethical, assertive, forthright, trustworthy team-player with

expertise in:

- Audit & Fraud Risk Analysis

- Controllership

- GAAP Research & Compliance

- SOX Implementation & Training

- SOX Compliance & Testing

- FCPA Implementation

- FCPA Compliance Investigation

- Mergers & Acquisitions

- Forensic Investigations

- Financial Analysis

- Revenue Recognition

- Budgeting

- Forecasting

- Financial Reporting

- System Design & Implementation

- Project Management

BUSINESS EXPERIENCE

CONSULTANT – Charlotte, North Carolina 2012 – Present

Vaco Financial

Performed SOX audit for Reinsurance Company in support of their external auditors.

Resources Global Professionals

Managed operational audit of Research and Development and New Product Introduction for a

communications industry supplier as their Internal Audit Manager.

REXAM PLC – Charlotte, North Carolina 2009 – 2012

Manufacturer of consumer packaging products.

Internal Audit Manager - Americas

Directed an audit staff of three in the completion of financial and internal control audits of three business

sectors with 30 auditable units in North, Central and South America.

- Improved report distribution from plus 90 days and one third not issued to 45 days and all issued.

- Redirected audit emphasis from plant audits on a rotational basis to Accounting Center audits on a risk

basis.

- Initiated monthly Americas’ audit staff meeting to encourage ideas and recommendations on how to

audit smarter to improve the completion of reports.

CRANE CO. – St. Louis, Missouri 2001 – 2009

Diversified manufacturer of highly engineered products.

Internal Audit Senior Manager

Directed an audit staff of ten in the completion of financial and internal control audits of 5 business

segments, 13 divisions, and 100 international auditable units on a business risk basis. Perform special

projects at the request of senior management; interim CFO at a $15M company, Corporate Assistant

Controller during 2007 year end closing, Sarbanes-Oxley Act of 2002 section 404 implementation, fraud

investigations, acquisition due diligence and closing balance sheet reviews.

- Managed the corporate-wide documentation, evaluation, remediation, and testing for compliance with

Sarbanes-Oxley Act of 2002 section 404.

- Designed and implemented annual risk analysis to determine the audit plan.

- Designed new audit report utilizing concise issue and recommendation statements plus auditees

response and implementation timeline.

- Assisted in the development of a web based tracking database for report distribution and follow-up of

management actions.

- Improved audit department efficiency by implementing a risk based audit approach.

- Generated $5M of purchase price savings performing an acquisition closing balance sheet review.

- Presented $5.5M fraud investigation to US Attorney’s office. US Attorney negotiated plea bargain with

perpetrator.

- Presented $55K Foreign Corrupt Practices Act violation investigation in India to SEC.

- Investigated $250K embezzlement in China.

Interim CFO Assignment

- Implemented collections procedures which reduced 90 day past due accounts from $1M to zero and

reduced DSO from 60 to 45 days. Provided documentation of written off accounts and collected payment

guaranteed by seller from 2 year old acquisition.

- Cleaned up balance sheet accounts which had not been reconciled for 2 years.

- Implemented excel file of fixed assets to support asset and accumulated depreciation values.

- Reduced Accounts Payable invoice entry backlog from 30 days to 1 day so cash discounts could be

utilized, 45 day payment terms.

Inventory Reviews

- Discovered prior year reconciliation errors $300k.

- Discovered plug entry in formula to balance reconciliation to zero which was covering $400k shrink.

- Discovered inventory costs in Taiwan subsidiary were not agreed to US costs, and parts with no costs

were not being investigated and corrected.

JACKSON PRODUCTS, INC. – Chesterfield, Missouri 2000 – 2001

Manufacturer and distributor of personal and highway safety equipment.

Controller, Highway Safety Group

Directed two accounting staffs with 10 accountants in the financial operations of three companies,

including; general ledger, accounts payable, accounts receivable, credit and collections, budgets, capital

expenditure reporting, cost accounting, financial analysis and reporting, payroll, and tax planning and

reporting.

- Analyzed safety product sales history versus inventory levels and identified 25% of products represented

95% of sales. Helped VP of Sales design program to liquidate non-moving products.

- Developed process cost analysis for Flex-O-Lite which identified the major cost components and

designed reporting to better monitor and control costs.

EMERSON ELECTRIC CO - St. Louis, Missouri 1995 – 2000

Conglomerate of diversified electrical and electronics manufacturing companies.

Manager In-Charge, Corporate Internal Audit

Directed the audit staff of seventeen in the completion of financial audits of 30 domestic divisions with 120

auditable units on a two-year rotational basis. Perform due diligence reviews and acquisition and

divestiture audits.

- Improved auditor productivity 15% by implementing PWC TeamMate© audit documentation software.

- Developed qualitative and quantitative, regression analysis, models to evaluate and rank the audit risk of

all auditable units, to migrate to a risk based audit approach.

- Developed audit comment tracking database to follow-up with divisions on corrective actions

implemented.

- Participated in the acquisition process by performing due diligence reviews and directing acquisition and

divestiture audits.

EDUCATION AND CERTIFICATION

MBA, General Management, Kent State University – Kent, Ohio 1982

B.S., B.A., Accounting, Kansas State University – Manhattan, Kansas 1974

Certified Public Accountant – State of Kansas (inactive)

Prior Experience

Electrovert Inc., and Subsidiaries, Camdenton, Missouri, Controller and Secretary 1988-1995

Santa Fe Southern Pacific Corporation, Supervisor of Internal Audit 1985-1988

BF Goodrich 1979-1985;

- BF Goodrich Aerospace, Manager, Accounting & Reporting 1983-1985,

- Engineered Products Group, Manager, Accounting Procedures 1981-1982,

- Corporate, Senior Internal Auditor 1979-1981

Beneficial Corporation, Senior Auditor 1977-1979

KPMG (Peat, Marwick, Mitchell & Co), Senior Auditor 1974-1977

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