FacultyFaculty/Author Profile

Doak G. Smith

New York, NY, USA

Doak Smith, a CPA with 36 years of experience in accounting and auditing and a retired partner of KPMG LLP, offers consulting services in the areas of litigation support, expert testimony, fraud investigation, and compliance with professional accounting and auditing standards. Mr. Smith gained 25 years of auditing experience in KPMG's New York and Stamford, Connecticut practice offices and 11 years of litigation support experience in its Office of General Counsel.

Mr. Smith worked with KPMG's legal counsel to defend the firm and its personnel against accounting malpractice lawsuits and regulatory investigations by the Securities and Exchange Commission and the Public Company Accounting Oversight Board. His duties included reviewing audit work to determine the extent of compliance with professional standards and potential liability exposure, assisting counsel in formulating defense strategies, working with expert and percipient witnesses in preparation for testimony, assisting with the preparation of dispositive motions and other court filings, and assisting in settlement negotiations and trial preparation.

Mr. Smith's experience includes litigation and regulatory investigation matters dealing with a wide variety of accounting and auditing areas, a number of which are summarized below:
  • Auditing issues involving independence, due professional care, auditor training and proficiency, audit planning and supervision, sufficiency of audit evidence, auditing accounting estimates, going concern determinations, auditor understanding of the entity's business and internal controls, and auditor reporting.
  • Mortgage, credit card and automobile lending issues involving valuation of retained interests in securitizations, valuation of mortgage servicing rights, liabilities resulting from breaches of representations and warranties in securitization transactions, allowance for credit losses and classification of loans as prime or subprime.
  • Revenue recognition issues involving multiple element arrangements, licensing and royalty agreements, software, non-monetary transactions, subscriptions, sports club memberships and "roundtrip" transactions.
  • Inventory issues involving obsolescence, lower of cost or market valuation, overhead allocation and physical inventory counts.
  • Tangible and intangible assets issues involving impairment, amortization and capitalization of internal costs.
As an auditor, Mr. Smith has served as the partner responsible for the audits of the financial statements of clients in a wide variety of industries.

Mr. Smith holds a Bachelor of Science in Business Administration degree with a major in Accounting from the University of Denver. He is licensed as a Certified Public Accountant in New York and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.

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