Ms. Adoria Lim is a Certified Public Accountant (CPA) with over 15 years of experience in accounting and finance at a Big 4 accounting firm, a Fortune 500 publicly-traded company, and top-tier and boutique consulting firms. She focuses on cases that involve accounting, auditing, finance, and damages issues.
Ms. Lim has over a decade of litigation experience. She has directed research involving the evaluation of financial accounting and disclosures with regard to Generally Accepted Accounting Principles (GAAP), the evaluation of audit and review procedures with regard to Generally Accepted Auditing Standards (GAAS), the evaluation of the adequacy of internal controls over financial reporting (ICFR), and the appropriateness of cost accounting allocations.
Ms. Lim’s expertise includes the preparation of pro forma and carve-out financial statements, “but for” cost and profit estimates, loss causation and damages analyses, and financial forensic analysis. She has reconstructed financial records, traced transactions through corporate accounting systems, reviewed payment and cash flow information, and determined liquidity and equity positions.
Ms. Lim has supported clients in securities class actions; SEC, DOJ, and PCAOB investigations and enforcement actions; tax disputes with the IRS; alleged auditor and other professional malpractice suits; alleged breach of contract matters; purchase price disputes; and intellectual property disputes. Her clients have included AOL Time Warner, Cisco Systems, Halliburton, LG Philips, Vivendi S.A., and Big 4 accounting firms.
Prior to joining The Brattle Group, Ms. Lim was a principal at Corporate Diligence Specialists LLC, where she performed financial due diligence related to mergers and acquisitions for private equity funds, investors, and lenders. Prior to Corporate Diligence Specialists LLC, Ms. Lim was a principal at Cornerstone Research, where she directed research on behalf of clients involved in complex commercial litigation. She is a CPA in the State of California, a Certified Fraud Examiner, and is also Certified in Financial Forensics (CFF) by the American Institute of Certified Public Accountants (AICPA).
Directed research in numerous matters involving the evaluation of whether transactions were recorded and disclosed, and financial statements were prepared, in accordance with Generally Accepted Accounting Principles (GAAP). Areas of research have included revenue recognition, special purpose vehicles, allowance for loan losses, reserves for product returns, the timing and amount of asset write-offs, vendor financing, guarantees, repurchase agreements, and marketing allowances.
Directed research on behalf of a Big 4 accounting firm accused of failing to meet audit standards in its audit of a failed investment bank. Evaluated whether audit and review procedures related to repurchase agreements complied with Generally Accepted Auditing Standards (GAAS).
Directed research on behalf of a Big 4 accounting firm accused by the Federal Deposit Insurance Corporation (FDIC) of failing to meet audit standards in its audit of an internet credit card bank. Analyzed the FDIC’s loss resulting from the alleged failure and how, if any, changes in the audit firm’s behavior could have reduced that loss. Arbitration panel ruled in favor of client.
Directed research on behalf of a multi-national construction company under investigation by the SEC and DOJ for bribes paid to foreign officials to obtain construction contracts in Nigeria, a violation of the Foreign Corrupt Practices Act. Analyzed ill-gotten gains by applying various measures of revenues, costs (including cost of capital), profits, and cash flows. Reviewed internal management reports, dividend distributions, foreign exchange gains and losses, and intercompany revenue and cost allocations. Client settled with the SEC and the DOJ.
Directed research on behalf of an international online retailer accused by the Internal Revenue Service (IRS) of allocating insufficient costs from its domestic operations to its foreign operations in the context of an intellectual development cost sharing agreement. Analyzed the company’s cost accounting, common costs, and the company’s allocation of intellectual development costs.
South Mississippi Electric Power Association v. Plum Point Energy Associates, LLC Deposition (Nov 2016), Testimony in Arbitration Hearing (Dec 2016)
Benchmark Institute Fiscal Monitoring, Expert Report
Proposed Debarment of Mr. Wallace Haislip and Mr. Julian Eidson, Expert Report
Published in the June 2016 Issue of Financier Worldwide
February 22, 2016
Published on Law360
Published in Practice Points, a publication of the ABA’s Securities Litigation Committee
The unaccounted cost of accounting – sounding terms in purchase agreements
Published in the December 2015 issue of Financier Worldwide
What Makes Securities Class Actions with Accounting Allegations Different?
Published by the American Bar Association
Adoria frequently lectures at universities across the United States. She has been a lecturer at Princeton University, New York University (NYU), University of Southern California (USC), and the University of California, San Diego (UCSD).
She lives in San Francisco, where she was born and raised. She enjoys running, swimming, and spending time with her daughter.
Stanford University Graduate School of Business, MBA
University of California at Los Angeles, B.A. in Economics