Kevin Stephens

Kevin Stephens
Senior Managing Director

Forensic Accounting; GAAP & Damages Expert Witness & Consultant

Kevin Stephens is a Senior Managing Director in Ankura’s Washington, DC office. He has over 25 years of experience in providing accounting, auditing, and consulting services primarily to the legal community. During his career, Kevin has supervised and conducted a wide range of financial consulting services including audits, expert witness testimony, independent investigations, and white collar criminal defense and has served as a party appointed arbitrator. He has provided these services to public and private companies across a broad range of industries as well as to individuals. Prior to joining Ankura, Kevin was a managing director at a multi-national consulting firm and a senior manager in the disputes and investigations practice of an international public accounting firm. Kevin is a Certified Public Accountant, Certified in Financial Forensics, and a Certified Fraud Examiner.

  • Experience

    Kevin’s professional experience includes:

    • Led forensic accounting investigation for a Fortune 500 property and casualty insurance company in response to SEC Enforcement investigation and private securities litigation surrounding reserving practices, revenue recognition, and internal controls over financial reporting.
    • Led forensic accounting investigation for a Fortune 500 aerospace company in response to an SEC Enforcement investigation of historical percentage of completion accounting determinations.
    • Developed expert witness testimony on ASC 450 – Contingencies on behalf of a health insurance company in an insurance coverage matter related to the determination and allocation of settlement costs incident to a merger.
    • Assisted a national guaranty association on an ongoing basis for the past 20 years in its evaluation of compliance by the receiver and the reinsurer with the terms and conditions of a multi-billion-dollar assumption reinsurance and policyholder enhancement agreement in the life and health industry.
    • Assisted machinery manufacturer in defense of private securities litigation related to a restatement of its financial statements related in part to it application of percentage-of-completion accounting. Assisted in developing whitepapers in support of the company’s restatement on topics including the application of percentage of completion accounting and the company’s evaluation of its ability to continue as a going concern.
    • Served as a party appointed arbitrator in a post-acquisition dispute in the medical device industry relating to revenue recognition and contingency accounting.
    • Provided arbitration testimony as to the GAAP reporting for the fair-market-value of certain restricted securities in an international arbitration related to a transaction break-up fee.
    • Led forensic accounting investigation for the audit committee of a fortune 500 technology company in response to an SEC Enforcement investigation into areas, including percentage-of-completion accounting; contingencies; leases; goodwill impairment; customer deposits; and fixed asset accounting.
    • Led project management office and provided technical accounting support for multi-year multi-billion-dollar restatement primarily related to the application of percentage-of-completion accounting.
    • Testified on behalf of the Texas Attorney General’s office as to the financial condition and business practices of the Life Partners Holdings, Inc.
    • Assisted in responding to securities class action against an insurance company with significant long-term-care (LTC) exposures. Analyzed compliance with internal controls over financial reporting (ICFR) and disclosure controls and procedures (DCP) with respect to the company’s reserving practices.
    • Assisted a national bank in assessing its exposure to repurchase obligations arising from its purchase of a sub-prime mortgage issuer. Areas examined included repurchase modeling, analysis of historical intercompany transactions, corporate governance, solvency modeling, analysis of potential statute of frauds, and fraudulent conveyance issues, and development of an inter-company financing arrangement to fund future repurchase obligations.
    • Led forensic accounting investigation for a non-bank financial institution in response to an SEC Enforcement Investigation as to its valuation practices and accounting practices for certain debt and equity securities during the financial crisis.