Collemi Consulting & Advisory Services, LLC’s mission is to promote and enhance audit quality to U.S. and international public accounting firms, litigation attorneys, valuation specialists, boards & audit committees of private and publicly-traded companies and related institutions & organizations that support the public accounting profession.

Salvatore Collemi launched his practice in 2016 in order to assist individuals, firms and organizations in navigating the complexities of the ever-changing landscape of financial reporting, attest functions and compliance.  Collemi Consulting & Advisory Services provides high-level strategic and technical guidance when it matters the most – whether to retain key attest clients or comply with the requirements set by standard-setters and regulators.  With a deep industry experience and a solid network of contacts, we provide a full range of accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review and PCAOB Inspection preparation, internal inspection, CPE training, independence & ethics consultations and design of quality control systems services.

Salvatore is a recognized subject matter expert (SME) on U.S. and International financial reporting and auditing standards with two decades of global business experience servicing a broad base of commercial and financial services industries.  He also advises oncorporate governance and risk management issues facing U.S. public accounting firms.  As a former Staff Accountant in the Division of Corporation Finance, Technical Manager in the National Peer Review Program and external auditor at leading institutions such as the U.S. Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), McGladrey & Pullen, BDO Seidman and Grant Thornton, he has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.

As a recognized SME on IFRS, Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and the content for the IFRS Certificate of Accomplishment Program. He served as the IFRS expert at-large for the AICPA Board of Examiners Content Committee from 2011-2014.

Salvatore’s experience in diverse senior leadership roles will provide value on a wide range of strategic, financial, regulatory compliance and global business considerations for financial officer positions, board positions and as a member of committees such as audit, corporate governance and risk management.

PREVIOUS PROFESSIONAL EXPERIENCE AND KEY ACCOMPLISHMENTS

Marks Paneth LLP                                                                                                                               2017 – 2018

Partner In-Charge – Professional Standards Group and

Group Leader – Audit Quality Technical & Compliance Services Team

As leader of the Professional Standards Group, I oversaw the overall compliance with and implementation of accounting, auditing and attestation standards, independence and ethics and quality control standards set by the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), the U.S. Department of Labor (DOL) and U.S. General Accounting Office (GAO) throughout all eight offices.

 

Lead a team of Audit Quality Technical and Compliance specialists to serve as outsourced independent quality monitors to small and mid-sized public accounting firms and related institutions that support the CPA profession. We drew upon a comprehensive array of services and experience to tailor a package designed to meet a client’s individual and firm-specific needs. From the most complex risk analysis situations to compliance advice, the team worked to ensure the firm was in compliance with applicable professional and regulatory standards.

 

Services: (a) U.S. and International Accounting and Auditing Standards, Quality Control Standards, Independence & Ethics and Regulatory Consultations, (b) Technical Consultations on the Report, Financial Statements and Workpapers of Audits, Reviews, Compilations and Other Attestation Engagements, (c) AICPA Peer Review and PCAOB Inspection Consultations and Preparation Services, (d) Internal Inspection Services, (e) CPE Training, (f) Designing of Systems of Quality Control Policies and Procedures and (g) CPA Firm Mergers & Acquisition (M&A) Technical Consultation and Preparation Services.

 

WEISERMAZARS LLP, New York & New Jersey                                                                                 2013 – 2015     

Director – Technique & Innovation Group

Lead the firm’s internal inspection program and managed over thirty professionals to ensure its quality control system complied with all professional standards and regulatory requirements.  Under his leadership, the firm received unqualified reports from standard-setters and regulators.  Leader of the firm’s audit methodology and approach.  U.S. representative of the Mazars Group responsible for the development of global auditing standards, policies and procedures. Developed specific global policies and procedures relating to audit sampling and auditing complex financial instruments.  U.S. Representative of the Mazars Group’s Global Quality Assurance Review team to review other country member firm practices.  Active member providing direction on the following firm committees and initiatives: Accounting & Auditing Council, SEC Working Group, Social Media Committee and the U.S. Desk.

 

Leader – Italy Desk

Charged to elevate the Firm’s visibility with the Italian business community in the U.S. by demonstrating the Firm’s unique international capabilities and dimensions not only from a technical and coverage standpoint but also with regard to language and cultural understanding. His understanding of both American and Italian business cultures provided a strategic bridge in assisting clients with Trans-Atlantic transactions. He served as the firm’s ambassador to the Italy-America Chamber of Commerce.  He hosted several events on behalf of both the firm and the Chamber to promote awareness to Italian business of both organizations.  He also developed key contacts and referral sources of business from bankers and attorneys to promote the firm’s capabilities of serving multi-national corporations.  He won several proposals of business for audit, tax and consulting engagements for the firm.

 

ROTHSTEIN KASS, New Jersey and New York                                                                                   2005 – 2013     

Senior Manager – Quality Control Department

Responsible for the firm’s internal inspection program and managed over thirty professionals to ensure its quality control system complied with all professional standards and regulatory requirements.  Under his leadership, the firm received unqualified reports from standard-setters and regulators.  Firm liaison to standard-setters and regulators.  U.S. Representative and first Vice Chair of the AGN International Accounting & Auditing Committee.  Architect of the firm’s National Office Program.  Founded the firm’s Quality Control Pilot Program. Co-founder of the Italian Desk and the firm’s ambassador to the Italy-America Chamber of Commerce. Inaugural chair of the firm’s Philanthropy Committee.  Managed over fifteen professionals to ensure the firm’s philanthropic events and initiatives we achieved with a budget of over $35,000. Authored over twenty internal and external technical and business bylines and articles on IFRS and auditing standards.

 

MCGLADREY & PULLEN LLP / GOLDSTEIN GOLUB KESSLER, New York                                           2004 – 2005     

Senior Manager – Technical Review Department

Performed independent technical review of reports and workpapers of audit, review, compilation and other attest engagements for various industries – commercial, manufacturing, retail, investment companies (“hedge funds”), broker-dealer, not-for-profit and ERISA clients.  Issued comments and recommendations to engagement team members citing material accounting, auditing and quality control deficiencies prior to the release of the engagement report to the client.  Provided consultation to partners and professional staff on professional standards, auditor independence rules and quality control standards of the AICPA and the PCAOB.  Responsible for maintaining and updating certain technical manuals, various checklists as well as communicating current professional guidance via internal publications to firm professionals – FASB, AICPA, SEC, GAO and DOL.  Evaluate, on an annual basis, the Firm’s quality control policies and procedures to comply with the requirements of both the AICPA and PCAOB. Assist the Firm in preparing for the triennial AICPA peer review and the PCAOB inspection.

 

BDO USA LLP, New York                                                                                                                    2001 – 2004    

Associate Director of Independence

Quality Control Senior Manager

Responsible for developing and influencing the independence policies and the consultation processes within the firm.  Responsible for maintaining and updating the firm’s key technical manuals and checklists.  Evaluated the firm’s quality control policies and procedures to comply with the requirements of the AICPA and PCAOB.  Assisted the following leaders of the firm on significant projects – National Director of Assurance, National Director of Quality Control and the National Director of Audit Policy.

 

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, New Jersey                                     1999 – 2001     

Technical Manager – SEC Practice Section

Enhanced the efficiency and effectiveness of the oversight of the peer review process through administration and on-site visitations of selected SECPS member firms by creating a formal method of analyzing CPA firms on a risk-based approach.  Performed over 300 technical reviews of public accounting firms’ peer reviews. Served as the SECPS liaison for both the IFAC Transnational Auditors Committee and the Global Peer Review Subcommittee to assist in the development of an international quality assurance review program.  Provided technical support by performing critical analysis of a proposed global self-regulatory structure (methodology, governance and discipline), content (quality assurance coverage, review steps and conclusions reached) and public access to quality assurance results.

 

ARTHUR ANDERSEN, New York                                                                                                         1998 – 1999     

Senior Accountant – Consumer Products Division

Served as fieldwork leader on multiple client engagement teams (mainly manufacturing and retail entities) in performing audits of consolidated financial statements.  Consulted with audit managers and partners in the planning of the engagement, the audit approach and the development of a detailed audit program for each client.  Directed the daily progress of fieldwork and inspired teamwork and responsibility with engagement team members by being accessible to staff at all times.  Mentored several professional staff on both an engagement and career level basis.  Informed managers and partners of engagement status timely in order to assess the direction of the attest engagement.

 

GRANT THORNTON LLP, New York                                                                                                    1996 – 1998     

Experienced Staff Accountant

Served on multiple client engagement teams in performing audits, reviews and compilations of financial statements executing specific audit procedures as defined by the engagement’s objectives.

 

U.S. SECURITIES & EXCHANGE COMMISSION, New York                                                                 1995 – 1996     

Staff Accountant – Division of Corporation Finance

Performed technical reviews of public disclosure documents of small business issuers filing under Regulation S-B and Regulation A.  Managed a Task Force empowered to perform an extensive analysis of current reports issued under Item 4 of Form 8-K for possible enforcement referrals relating to disagreements between the registrant and its principal accountant.  Conducted preliminary evaluations for potential violations of fraud and disclosure provisions of the Securities Act of 1933 and the Exchange Act 1934.

BOARD AND COMMITTEE EXPERIENCE

2013 – Present

ACCOUNTANTS CLUB OF AMERICA – New York                                                                                     

Board of Governors and 1stVice President

  • Leader of Younger Member Initiative Program
  • Sponsorship Committee
  • Program Committee
  • Website Committee

 

2013 – 2015

CENTER FOR AUDIT QUALITY (CAQ) – Washington, D.C.                                                                         

Smaller Firm Task Force, Member