FacultyFaculty/Author Profile
Steven L. Skalak

Steven L. Skalak

PwC
Partner, Advisory Forensic Services
New York, NY, USA


Steven Skalak is a US CPA and Forensic Services Partner in PwC’s New York office.  Mr. Skalak brings 24 years of experience as a partner and 34 years of professional experience to his domestic and international clients.  He has served in 3 offices of the Firm, the New York office, the National Office – Office of General Counsel (2 year assignment), and the Beijing Office (2.5 year assignment).  Mr. Skalak has served Court Appointed Trustees, as an Expert in State and Federal Courts, as an expert in matters adjudicated by ICC rules and foreign jurisdictions (HK and Bahamas), as an Arbitrator, and as a forensic accounting investigator for public and private companies, in which capacity he has appeared before the US SEC, the US CFTC, the US Department of Justice, NY State Banking Examiners, and the NY Federal Reserve Bank.  Included in his experience are a wide variety of international and domestic investigations and disputes including the following:

  • On behalf of Court Appointed Trustee, investigation of the methods and losses of an international money manager who used a series of off-shore Special Purpose Vehicles (SPVs), primarily in Caribbean financial centers, to hide investment losses in excess of $500 million.  Trading causing the losses was primarily foreign currency speculation, gold, and U.S. Treasury Bond transactions.  Investors were predominantly non-U.S. corporations concentrated in Asia.
  • On behalf of a multi-lateral financial institution, assessment of the efficacy of their procurement review team in identifying potentially problematic industries, projects, and loans, and recommending improvements to the operation of the team and the response to issues identified. 
  • Investigation into a Japanese trader’s methods relating to unauthorized commodities trading on the LME, COMEX, and OTC base metals markets.  The trading resulted in losses in excess of $1 billion.  Recommendations relating to improved business and trading methods were also provided.
  • Defending key executives of a $1 billion manufacturing company in a SEC investigation and shareholder and bondholder class actions.  The allegations in this matter included earnings management, revenue recognition errors, restructuring charges, and inadequate disclosures.
  • Expert accountant in a € 500 million dispute before an ICC panel of arbitrators alleging fraud in a business acquisition transaction between two global corporations.  The principal matters in dispute pertained to the application of US GAAP in several judgmental areas including the application of the long-term contract method of accounting, impairment of intangible assets, and pension and benefit plan accounting. 
  • As a senior partner in the Forensic Services team Mr. Skalak is frequently called upon to serve as quality review partner on major matters.  In this regard he has had oversight responsibility for a variety of international matters including Volker Swiss Bank Holocaust Investigation, the Deepwater Horizon Court-Supervised Settlement Program, global corporate remediation efforts post-settlement of FCPA allegations, implementation of a forensic internal investigations capability at a global European bank, and implementation of an integrity driven governance and operations model for the Prime Minister of Kurdistan.
Steve is a Certified Public Accountant in New York State.  He is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants and is a past member of the Professional Ethics and Cooperation with Bankers Committees and the AICPA's Task Force evaluating whether litigation services represent a threat to the CPA's independence as defined in the professional ethics of the profession.  He is currently an advisory member of the ABA’s Task Force on establishing standards for serving as an independent monitor.  He received his BA degree from Dickinson College and his MBA degree from Columbia University.  He is a frequent instructor at training courses, teaching a variety of auditing and accounting concepts, approaches, and techniques.  He is also co-author of “A Guide to Forensic Accounting Investigation" published by John Wiley & Sons, Inc.

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