Timothy Voncina is a principal with Baker Tilly’s forensic, litigation and valuation services practice. With more than 25 years of experience in forensic accounting, focusing on the measurement of economic damages and litigation support, Tim is a trusted advisor to the firm’s insurance and law firm clients.
Tim’s specialties in complex cases include contract and shareholder disputes, breach of contract, loss of profits/earnings, personal injury and wrongful death, asset tracing and insurance.
He has a specific focus on the valuation of matters in the manufacturing industry, where he understands the complexities of multifaceted manufacturing processes such as steel production, food and beverage processing and heavy machinery manufacturing. Tim has handled large claims and cases involving high profile impacts throughout the United States, Canada, Europe, Central America and Asia Pacific. Tim also brings diverse experience in commercial liability disputes, including product liability and product recall, fidelity and employee dishonesty, cyber risk and security breach, fraud and construction liability.
Working in all aspects of the due diligence and discovery phases of litigation, Tim understands how to work with lawyers to evaluate the context of a case and develop a data collection and analysis plan to measure economic damages. He has provided expert testimony based on reported findings from his analysis in both trial and alternative dispute resolution settings.
- Measured delay damages in regard to a contract dispute between parties involved in the construction of the fence on the U.S.-Mexico border. This project involved the review and analysis of various contract documents, plans, drawings and construction schedules
- Measured losses at various steelmaking facilities resulting from equipment failures. The measurements pertained to different types of steelmaking processes and included the detailed analysis of lost sales, increased/saved manufacturing costs and other related financial impacts
- Analyzed damages resulting from the mechanical failure of a gas turbine in a cogeneration plant. This matter involved the quantification of incremental costs for purchasing power as opposed to generating it internally, which affected operations and anticipated tax credits for the business owner and resulted in various cost inefficiencies. We worked with the business owner to obtain and review documentation supporting rebuilding costs for the equipment and structure, and validated costs incurred
- Quantified and assessed damages incurred when a multinational food processor’s supply chain was disrupted and permanently altered due to the effects of a major hurricane. A detailed analysis was required of the manufacturing cost differentials that were realized when the business owner’s products had to be reformulated due to key ingredients no longer being available. The project also involved the measurement of lost profits resulting from the business owner not being able to supply product to customers until the reformulations were developed and approved
- Quantified damages related to the purchase of fraudulent accounts receivable balances in a factoring arrangement with a major financial institution. The project involved an analysis of invoices purchased, a comparison of the ledgers recording the transactions and the creation of a model to demonstrate the financial impact of the scheme
- Measured damages related to a security breach of a business owner’s computer network. This breach allowed perpetrators to access the business owner’s banking portal and misappropriate funds through a series of transactions. We assessed forensic data on the business’ computer network to identify the breach, reviewing bank accounts and transaction details to quantify misappropriated amounts and worked with the business owner to reformulate protocols to avoid a recurrence of the involved breach
- Quantified damages in a product liability matter involving agricultural growing materials. The project involved reviewing extensive records for each of the growing operations, including crop reports outlining planting dates, harvest dates, types and frequency of fertilization, the manner of irrigation used, etc. We also reviewed yield reports, pricing data based upon location, USDA statistics, weather patterns during the specific growing periods, etc. The project included working with the individual owners of the commercial growing operations, agricultural experts and representatives of farm service agencies for the various states
- Analyzed damages resulting from the mechanical failure of a gas turbine in a cogeneration plant. This matter involved the quantification of incremental costs for purchasing power as opposed to generating it internally, which affected operations and anticipated tax credits for the business owner and resulted in various cost inefficiencies. We worked with the business owner to obtain and review documentation supporting rebuilding costs for the equipment and structure, and validated costs incurred
- Quantified and assessed damages incurred when a multinational food processor’s supply chain was disrupted and permanently altered due to the effects of a major hurricane. A detailed analysis was required of the manufacturing cost differentials that were realized when the business owner’s products had to be reformulated due to key ingredients no longer being available. The project also involved the measurement of lost profits resulting from the business owner not being able to supply product to customers until the reformulations were developed and approved
- Quantified damages related to the purchase of fraudulent accounts receivable balances in a factoring arrangement with a major financial institution. The project involved an analysis of invoices purchased, a comparison of the ledgers recording the transactions and the creation of a model to demonstrate the financial impact of the scheme
- Measured damages related to a security breach of a business owner’s computer network. This breach allowed perpetrators to access the business owner’s banking portal and misappropriate funds through a series of transactions. We assessed forensic data on the business’ computer network to identify the breach, reviewing bank accounts and transaction details to quantify misappropriated amounts and worked with the business owner to reformulate protocols to avoid a recurrence of the involved breach
- Quantified damages in a product liability matter involving agricultural growing materials. The project involved reviewing extensive records for each of the growing operations, including crop reports outlining planting dates, harvest dates, types and frequency of fertilization, the manner of irrigation used, etc. We also reviewed yield reports, pricing data based upon location, USDA statistics, weather patterns during the specific growing periods, etc. The project included working with the individual owners of the commercial growing operations, agricultural experts and representatives of farm service agencies for the various states
- American Institute of Certified Public Accountants, member
- Institute of Management Accountants, member
- Association of Certified Fraud Examiners, member
- Illinois Association of Certified Public Accountants, member
- Tim has been involved in the preparation of expert accounting evidence for use in arbitration and mediation proceedings and has given testimony in depositions and trials for both plaintiffs and defendants
- Tim has participated in numerous seminars and presentations involving the measurement of economic damages to the legal profession, insurance industry personnel and the private sector. His recent presentations and publications include:
• “Fraud and Internal Controls,” private seminar, November 2018 and January 2019
• “Cyber Risk and Breaches,” private seminar, February 2017
• “Cyber Insurance Claims,” private seminar, September 2015
• “Concepts of Business Income and Extra Expense Claims,” private seminar, June 2015
• “Time Element Loss Analysis,” private seminar, January 2015
• “Contingent Business Interruption and Cyber Related Claims,” private webinar, August 2014
• “Effective Evaluation of Business Interruption Claims,” Claims Management, June 2014
• “Contingent Business Interruption Issues,” presented to the Property and Liability Resource Bureau, March 2014
• “Time Element Loss Analysis,” private seminar, February 2014
• “Five Claims Fit for Forensic Accountants,” Claims Management, July 2013
- Certified Public Accountant
- Certified Management Accountant
- Chartered Global Management Accountant
- Certified in Financial Forensics
- Certified Fraud Examiner
