Experienced Auditor
Resume:
Mark Smith
Buffalo Grove, Illinois 60089
*******@*********.***
QUALIFICATIONS
• Customer Relations
• Staff Management & Development
• Inventory Control
• Accounts Receivable
• Procedural Development
• Financial Statement Analysis
• Asset Based Lending
EMPLOYMENT HISTORY
2006 - 2007 The Warranty Group, Inc.
Auditor-Perform control (Sarbanes-Oxley) and substantive audits along with special projects for existing and prospective clients. This follows established Best Practice Internal Audit Guidelines. Specific job responsibilities include the following:
• Verify that there are adequate and effective internal control procedures.
• Identify areas and processes for improvement and propose recommendations.
• Establish and implement fully documented processes for all transactions.
• Assist in the design and oversight of all compliance processes including self-assessment, scope, planning, and
responsible for execution.
2003 – 2006 CNA Insurance
Senior Auditor-Responsible for ensuring that all agents appointed are following established Best Practice Internal Audit Guidelines. Developed procedural template for both auditing and light underwriting. Specific job responsibilities include the following:
• Perform audit pre-planning by reviewing the previous audit report (if applicable) and note any recommendations made for compliance in the next audit.
• Select a random number of policies (50) to review for accuracy and completeness and forward the sample to the client for pulling prior to the start of the audit. Review all data on the policies selected for accuracy and compare to reports on the mainframe and note any errors for correction.
• Pull open Accounts Receivable Report from our system and clear any outstanding balances over 30 days old. This may be accomplished by being provided with endorsements that were not submitted or actual remittance of premium(s) via wire transfer or company check. Verify for accuracy the flow of funds from billing to remittance.
• Verify that the client is in compliance with CNA’s policies and procedures and note any deviations from these procedures.
• Verify that policies are issued in a timely manner according to established guidelines.
• Spread the most recent financial statements provided and compare results from previous periods for any significant changes in trends. Comment on any changes that have occurred.
• Provide findings in a detailed audit report with documentation supporting deviations from established guidelines and policies with specific time frames for correction and compliance (30 days). Follow-up on all compliance matters within the established time frame.
• Send completed Audit Report to the Audit Manager, Program Manager, and Internal Audit Department for review. Reply to any recommendations made internally within five business days.
2000 – 2002 Audit Bureau of Circulations
Audit Manager-Responsible for timely and accurate completion of print audits within a geographic region. This was accomplished through applications of current ABC rules and policies relevant to audit matters. This included maintaining and managing a field audit staff. Specific job responsibilities include the following:
• Managed 21 auditors located east of the Mississippi River for the accurate completion of print audits.
• Performing working paper reviews of all print audits completed for accuracy.
• Proper scheduling of print audits so that auditors maintained a minimum billable hour percentage of 80% versus non-billable hours. On an annual basis, these auditors attained an 86% billable hour percentage.
• Prepared budgets for future print audits annually and assigned auditors based on level of experience and geographic location semi-annually.
• Billed clients for audits completed and provided written detailed documentation and explanation for audits exceeding 10% of the annual budgeted amount.
• Reviewed expense reports for accuracy and timeliness on a weekly basis and rejected those with improper supporting documentation.
• Visited and worked with auditors in my region on a semi-annual basis to go over any new procedures developed and performed side-by-side audits in the field.
• Maintained continuous dialogues with clients by listening and responding to various concerns in a timely manner over the results of audits just completed. This also included answering any questions about various reporting requirements, and ways to improve the audit function where the accuracy and integrity of the audit was maintained while reducing budgeted hours for the audit.
• Performed annual Performance Reviews and recommended salary increases based on previous work performed and provided documentation as to why increases were not given for non-performing auditors. For non-performing auditors, additional training was recommended and a six-month review was given to identify any improvements in performance. Lack of improvement over this period resulted in an additional six-month probationary period and termination if insufficient improvement occurred. During this period recommendations were made to the Audit Committee by Audit Managers for promotions to the next audit level based on performance in the field along with the knowledge and understanding of audit procedures currently in effect.
• During the Annual Audit Conferences, Audit Managers were required to review current audit procedures and provide necessary training for any new audit procedures established. This was accomplished by conducting specific training workshops and seminars to ensure compliance in the field. Upper management was advised monthly on the progress of any audit procedural changes made.
1982 – 1998 LaSalle National Bank/Exchange National Bank
Vice President-Performed inventory and accounts receivable evaluations to determine the validity, existence, and liquidation values of inventory and accounts receivable for existing and prospective clients in both the Asset Based Lending and Commercial Lending Divisions.
1982-Hired as a Field Examiner in the Asset Based Lending Department to perform accounts receivable and inventory audits on existing and prospective clients to verify that there was sufficient collateral to support either existing or potential collateral loans. Audited clients with lines of credit ranging from $1,000,000 to $10,000,000.
1985-Promoted to First Level Officer-Continued to perform collateral audits in both the Asset Based and Commercial Lending Divisions and developed specific auditing procedures to verify the existence of eligible inventory used to support collateral loans. Audited clients with lines of credit ranging from $10,000,000 to $20,000,000.
1986-Developed the Inventory Examination Summary (IES) that was used in conjunction with the Field Examination Summary on loans collateralized by inventory and accounts receivable.
1988-Promoted to Assistant Vice-President-Responsibilities included not only training existing Field Examiners on specific auditing procedures pertaining to inventory as collateral but also developed a staff to perform inventory audits separately or in conjunction with Field Examination audits. Implemented new auditing procedures and techniques that were deemed necessary to improve both the accuracy and existence of eligible inventory as collateral and conducted training sessions for both staffs on specific procedural changes. Continued to perform both accounts receivable and inventory audits as required. The inventory staff reached a maximum of 10 auditors with additional responsibilities being training, reviewing audits for accuracy, scheduling, and doing Annual Performance Reviews, which required making recommendations for salary increases based on performance. Audited clients with lines of credit ranging from $25,000,000 to $75,000,000.
1991-Promoted to Vice-President-Continued to monitor and refine the Inventory Examination Summary as needed along with my previous responsibilities of auditing, training, scheduling, performing Annual Performance Reviews, and hiring. Audited clients with lines of credit ranging from $75,000,000 to $200,000,000.
1992-1998-The responsibilities listed above did not change during this period of time but the detection of accounts receivable and inventory irregularities increased. Detection of fraudulent assignments of eligible accounts receivable totaled $12,000,000 requiring immediate management intervention occurred resulting in the recovery of these funds and bringing the loan and collateral into balance. There were numerous fraudulent overstatements of inventory (8) detected resulting in loan to collateral deficits totaling in excess of $40,000,000. Management was able to recover proceeds totaling $28,000,000 immediately with the remaining $12,000,000 in litigation and subsequently recovered either through liquidation of the companies assets or receipt of payment through principals personal guarantees. It should be noted that all fraudulent activities occurred after the proper due diligence was performed by the field auditing staffs and the loans subsequently funded. No errors or omissions occurred by the auditing staffs prior to the funding of these loans.
COMPUTER SKILLS
Word and Excel
EDUCATION
Bachelor of Science, Business Administration (Major-Accounting) – Purdue University
REFERENCES
Submitted upon request
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