CFO Series: Precise but Wrong: Everyday Analytical Errors

Description

Leaders and clients depend on us for our insight, analytical skills, findings, and recommendations. They need us to help make critical decisions, and sometimes we fail. Some of the common beliefs that we treat as guaranteed facts include:
× More data will lead to better analytical results
× The ‘Bell curve’ is universally applicable
× Precision means accuracy
× Relationships are linear
× Correct data leads to better results
× Correlation means causality
× Fast answers are the correct and best answers
× Our data is perfect, etc.
Each of the previous will lead to more errors. We need to audit our own analytical tools to assess where and how we are inadvertently delivering bad findings. The focus is to re-examine our analytical processes. Our constituents depend on us; we cannot let them down.

Objective

After attending this presentation, you will be able to... Identify common problems embedded within many financial analyses and determine actions to take to prevent those problems. Analyze how assumptions directly lead to analytical errors. Recognize the need to audit their own work. Identify areas auditors need to review when evaluating analyses.

Attendee Information

Don Minges, MBA

Required Knowledge

Preferably at least six (6) months of professional financial statement analysis experience and/or at least six (6) months of professional experience in preparing or reviewing accounting processes and reports.

Who Should Attend

Financial leaders, financial managers, CEOs, CFOs, controllers, accountants, board members, advisors, and consultants; CPAs in public practice and CPAs in industry; business owners, entrepreneurs and professionals who are interested in realizing more profitability.