CFO Series: Precise but Wrong: Everyday Analytical Errors (2 hours)

Overview

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.

Highlights

The major topics that will be covered in this course include:

• Certain flaws in GAAP accounting
• Confusing precision with accuracy
• Assumptions that lead to errors
• Why static analysis will fail
• How statistics mislead
• Why the ‘Bell curve’ leads to errors
• How and why speed ruins our findings
• Inherent problems within AI
• The need for proper and adequate review

Prerequisites

The major topics that will be covered in this course include:

• Certain flaws in GAAP accounting
• Confusing precision with accuracy
• Assumptions that lead to errors
• Why static analysis will fail
• How statistics mislead
• Why the ‘Bell curve’ leads to errors
• How and why speed ruins our findings
• Inherent problems within AI
• The need for proper and adequate review

Designed For

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 prof

Objectives

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.

Preparation

None, preferably prior experience with financial analysis and/or auditing will be very helpful.

Notice

“Adding to Calendar” does not register you for this event. Please either register online by clicking “Add to Cart” or contacting OSCPA at 503-641-7200 / 800-255-1470, ext. 3. Thank you!