Russell Munday

Russell Munday - Director


Bachelor of Commerce, University of Melbourne (1980) Graduate Diploma in Finance & Investment 1992, Securities Institute of Australia

Fellow of the:
  • Chartered Accountants in Australia and New Zealand (CAANZ)
  • Financial Services Institute of Australasia
Associate of the:
  • Australian Institute of Company Directors
Recognised by CAANZ as a Business Valuation Specialist.
CAANZ Forensic Accounting Specialist recognition

Recent Career History

Director Munday Wilkinson Pty Ltd 2000 - Present
Director Moore Stephens HF 1997-2000
Partner Jeffrey Thomas & Partners 1991-1997
Senior Manager Ernst Young Corporate Finance 1989-1991


Russell has been a chartered accountant in public practice for over 35 years and specialises in the area of forensic accounting and corporate finance. He has been involved in the preparation of over 1200 valuation reports and has given evidence as an expert witness in a number of jurisdictions including the Family, County, Supreme and Federal Courts.

CAANZ have nominated Russell to make independent expert determinations on a number of assignments. Russell is also well experienced in matters involving professional negligence, financial investigations and quantification of damages. He has presented on the subject of “Business Valuations” on numerous occasions such as at the CPA Australia’s Congress, for Legal & Accounting Management Seminars Pty Ltd and at the Leo Cussen Institute.

He was the founding chair of the Melbourne branch of the Forensic Accounting Special Interest Group of the Institute of Chartered Accountants in Australia and is a member of the Business Valuation Special Interest Group. He chaired the Institute of Chartered Accountant's Forensic Accounting Discussion Group in Melbourne between 1998 and 2003.

Example of Matters:


  • Appointed by the parties as the Independent Accountant in respect of a dispute concerning approximately $9 million between a vendor and purchaser of a gaming machine manufacturing business to make an expert determination on the level of stock obsolescence as at transfer date.
  • Prepared an Independent Accountant’s Report (after nomination by the Institute of Chartered Accountants) providing an expert determination on the valuation of a 50% interest in Carpet Call (Holdings) Pty Ltd.
  • Prepared an expert witness statement in respect of Supreme Court Proceedings to provide a statement on behalf a firm of accountants concerning whether they acted as a reasonably prudent accountant in approaching its clients and providing information about the fraudulent venture set up by Max Green (Appointed by solicitors acting for the indemnity insurer of an accountancy practice).
  • Prepared an expert witness statement in respect of Supreme Court of Victoria proceedings to provide an expert opinion on liquidated damages claimed by Transurban City Link Limited against the Transfield Obayashi Joint Venture (TPJV) as a result of delays in the preparation of the Western Link Section (appointed by lawyers acting for TOJV)
  • Prepared an Independent Accountant’s Report as to the potential liability of an auditor and the conduct of the audit committee in a matter concerning a fraud committed by an employee of a professional accounting association (appointed by lawyers acting for the professional indemnity insurer of the Accountancy body).
  • Preparation of an Independent Accountant’s Report (and expert witness services) providing an opinion of the veracity of the calculation supporting the opportunity loss claimed by JC Deceaux in the Federal Court proceedings between Public Transport Authority & Ors ats JC Decaux Australia Pty Ltd (appointed by lawyers acting for the PTC).
  • Prepared an Independent Accountant’s Report providing an opinion in relation to the quantum of the claims by numerous plaintiff’s in Supreme Court of Victoria Proceedings involving the collapse of the Corio Bridge (appointed by lawyers acting for Leighton Contractors and for Kealba Engineering).
  • Prepared an Independent Accountant’s Report concerning dispute between medical specialist and insurer concerning a claim for lost earnings (nominated by the Institute of Chartered Accountants).
  • Prepared Independent Accountant’s Report (after nomination by the Institute of Chartered Accountants) which made an expert determination on the appropriate management fee to be charged by (BLM / ALH Group) for managing Vegas at Waverley Gardens (owned by the Hawthorn Football Club Limited).
  • Forensic Investigation, Expert Report and Expert Witness in County Court of Victoria into alleged misrepresentations by Vendor of a laundry business (acted for solicitor for the purchaser – Full restitution given to purchaser by the judge).
  • Prepared an Independent Accountant’s Report summarising the results of our investigations in respect of misappropriation of funds from a trust account by an employee.
  • Sundry investigations into employee fraud at a plant auctioneering business, producing a report evidencing and quantifying the fraud.
  • Various assessments of loss reports for plaintiffs for misrepresentation or breaches of contract (eg, in regard to business sales). Also conducted numerous reviews of claims for loss of profits for defendants.

Personal / Family Law

  • Various personal injury calculations of loss of earnings and loss of earnings capacity.
  • Prepared numerous business, share valuations for a variety of matters including Family Law proceedings, probate, stamp duty, mergers and acquisitions, shareholder disputes.
  • Numerous (over 500) Single Expert Reports per Part 15.5 of the Family Law Rules 2004 involving valuation of numerous businesses, entities and interest in entities.
  • Numerous reviews of other Expert Reports.
  • Valuations of numerous franchisors and franchisee businesses.

Liability limited by a scheme approved under Professional Standards Legislation.