Toby Ralston

Toby Ralston, a Managing Director with StoneTurn, has ten years of experience assisting clients and counsel in compliance and monitoring, accounting investigations, complex business litigation, boards of directors’ investigations and other regulatory matters. He has worked with clients on a wide-range of economic analyses, including lost profits, asset misappropriation, cost/benefit evaluation, audit malpractice and business valuation.

Over the past seven years, Toby has gained extensive experience in the regulatory arena, assisting with Monitorships, Receiverships and Board investigations in the banking, wholesale distribution, mortgage and telecom industries. Within StoneTurn’s compliance and monitoring space, Toby has helped clients design and implement Codes of Conduct and other related policies and procedures.

In addition to his work within the compliance and monitoring space, Toby has assisted clients navigate the complexities of SEC disclosure inquiries and similar accounting investigatory matters.

Prior to his focus on compliance, monitoring and accounting investigations, Toby gained extensive experience in the area of dispute resolution, including pre-litigation consulting, preparation of expert reports and other disclosures and expert witness trial preparation. He focused on the calculation of financial economic damages through the analysis of financial, accounting, economic and market data.  Additional industries in which Toby has worked include; finance, retail, e-Commerce, non-profit and insurance.

Prior to joining StoneTurn, Toby was a complex business litigation consultant for two large public accounting firms, where his projects included lost profit analyses and business valuations.

In addition to his Masters in Business Administration, Toby is a Certified Public Accountant (licensed in the state of Colorado), is Certified in Financial Forensics (“CFF”) via the AICPA and holds a Certified Fraud Examiner (“CFE”) credential.

In 2013, Toby was selected as one of 36 CPAs from across the U.S. to serve in the American Institute of Certified Public Accountants’ (“AICPA”) Leadership Academy. The program, strives to expose the “next generation” of CPAs to a strong ethic of leadership and service; providing them with strategies that empower candidates to become leaders within their organizations, communities and the CPA profession.

Turn to Toby

StoneTurn leverages its accounting, compliance and legal expertise to evaluate and understand, among other things, the human element.

Toby Ralston

Q: Clients say they look to StoneTurn to be a trusted adviser. Can you describe how we serve in that role?


StoneTurn does not take client relationships lightly. In fact, StoneTurn actively nurtures trusted, long-term relationships with clients. We establish strong ties between both senior and junior levels of our staff and those of the client. This not only allows us to operate under a leaner and more efficient model, but also to serve as a trusted extension of legal and compliance teams.

Q: StoneTurn is known for being collaborative. Describe how the firm is able to work so seamlessly with clients and as colleagues.


We are dedicated to finding and retaining talented people in numerous disciplines, who can work seamlessly as part of client teams, while “wearing many hats.” Since the professionals working on our teams are multifaceted and capable of juggling various responsibilities, we believe collaboration yields better outcomes for our clients. Often the same people are involved from the very beginning, which creates a holistic perspective of the issues at hand. The ability to offer experienced and diverse solutions to complex problems in a collaborative way sets StoneTurn apart.

Q: Why is the culture at StoneTurn so important to you?


StoneTurn’s culture is a people-first culture. In my experience—whether working on an accounting investigation, serving in a Board advisory role or acting as a regulator-appointed Monitor—StoneTurn leverages its accounting, compliance and legal expertise to evaluate and understand, among other things, the human element. Good or bad, what compels people to do what they do? Understanding that, in the context of complex financial problems, is the StoneTurn difference.