Certificate In Financial Monitoring And Analysis For Business Professionals

Certificate In Financial Monitoring And Analysis For Business Professionals

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Interpret financial information to critically evaluate the performance of your organisation and achieve bottom line improvements

4 – 8 May 2014 Radisson Royal Hotel, Dubai, UAE 9 – 13 November 2014 Radisson Royal Hotel, Dubai, UAE

3 Key Business Benefits 1. Gain an in depth understanding of financial statements and how to interpret their results 2. Develop an analysis of financial performance and/or the function statements 3. Undertake a variance analysis and provide explanations for deviations from planned performance

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The George Washington University School of Business, IIR Middle East’s Academic Partner, is dedicated to excellence: in its teaching and research about management, in the public and private sectors, within the United States and internationally.

The school has a 75 year history of preparing men and women for leadership in both the public and private sectors. Known internationally for its dedication to academic excellence, the school draws students from all parts of the United States and around the world.

Beyond first class teaching and scholarship, the school’s faculty offers practical experience in the issues and challenges confronting business and government. Its research centres link faculty and students with US and international business and government organisations. Recent distance learning initiatives have expanded the school’s global reach.

Course Requirements And Certificates Delegates must meet two criteria to be eligible for an IIRME/GW Certificate of Completion for a course: 1. Satisfactory attendance – delegates must attend all sessions of the course. Delegates who miss more than 2 hours of the course sessions will not be eligible to sit the course exam 2. Successful completion of the course assessment Delegates who do not meet these criteria will receive an IIRME Certificate of Attendance. If delegates have not attended all sessions, the Certificate will clearly state the number of hours attended.

Course Assessment Delegates will be handed an assessment quiz at the end of the course and will be expected to complete and return on the last day. The assessment will be in the form of multiple choice questions and will be related to the topics discussed during all the sessions.

Delegates will be allowed to consult the session handouts.

Would you like to run this course in-house?

The in-house training division of IIR Middle East Tel: +971 4 407 2624 • Email: CTS@iirme.com www.iirme.com/cts

T: +971 4 335 2437 F: +971 4 335 2438

About Your Expert Course Director David Galea, CEO, BEAT Consulting, Malta B.Com (Hons) C.P.A. M.B.A David Galea is a certified public accountant with extensive experience in business transformations and process improvement in the private and public sector spanning across process improvement, performance management and organisational effectiveness initiatives. Throughout his career, David has acted as a management consultant with a Big Four firm as well as with the office of the Prime Minister of Malta. David also held senior management roles as Head of Strategy and Knowledge Management with Malta Enterprise and Financial Control General Manager with Air Malta plc.

In 2007, David founded BEAT Consulting, a firm involved in the provision of business process transformation and performance management solutions.

Key projects led by David included: •

The development of Balanced Scorecard performance systems for a multinational organisation

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Development of a financial simulation for the introduction of a tax incentive for the registration of intellectual property rights

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Valuation of a mixed use property

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Development of a financial performance mechanism for the computation of sales commissions within a major telecoms organisation

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Process reengineering and implementation of an insurance business system and an ERP solution for an insurance company

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A migration strategy for a major power plant amongst others

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Formed part of national committees entrusted with the financial evaluation and performance of organisations’ tenders for large scale public private partnership initiatives

David also currently acts as Non-Executive Chairman of Mount Carmel Hospital (Malta).

In the UK, David undertook a number of project management assignments including the setting up a programme management office for Everything Everywhere and designing and developing Project Management processes for BP.

Who Should Attend?

This course is designed for senior and middle managers who are involved in managing investment, profit or cost centres for their organisation and therefore have an interest in evaluating the overall financial performance achieved by the function for which they are responsible: • Business Managers who are responsible for a functional department with control over budgets but who have had limited training in finance and accounting • Managing Directors, General Managers, Chief Executive Officers, Vice Presidents and Senior Managers • Department Managers, Functional Managers and Divisional Managers with direct responsibility for a cost, profit or investment centre

W: www.iirme.com/finmonitoring

Certificate In Financial Monitoring And Analysis For Business Professionals 4 – 8 May 2014 • Radisson Royal Hotel, Dubai, UAE 9 – 13 November 2014 • Radisson Royal Hotel, Dubai, UAE Course Timings Registration will be at 07:30 on Day One. The course will commence at 08:00 and conclude at 14:30. There will be two breaks at 10:30 and 12:30 and lunch will be served at the end of each day’s session.

Course Overview As Peter Drucker famously said “To fail to plan is to plan to fail”.

Planning provides a direction for management to follow over the foreseeable future. In financial terms, planning includes the preparation and development of financial projections of profits and cash-flows over a given period. However, planning becomes a futile exercise unless it is corroborated with an appropriate mechanism that enables managers to monitor progress against their plan thereby taking corrective action in the process.

Certificate In Financial Monitoring And Analysis For Business Profressionals is all about evaluating the actual financial performance of an organisation, against what was originally planned and seeking explanations for any deviations in such performance in the process.

Throughout this course, your course leader shall walk you through an intensive journey to help you make some sense of the financial maze in order to become critical consumers of financial information. This will lead to a better understanding of your performance and improve your decision making with impact on the bottom line.

The course is delivered in a balanced mix of tutored and workshopstyle sessions, and is structured to include several exercises and tasks throughout the sessions to reinforce experiential learning, debate and experimentation.

Course Outline Day One Walking Through The Complex Maze Of Financial Statements.

What Do They Mean?

Getting To Grips With The Basic Concepts • The objective and purpose of financial statements • Back to basics: defining key accounting terms and concepts • The relationship between wealth, income and cash flow • The centrality of the accounting equation • The accruals concept versus cash based systems • Classification of assets, capital and liabilities Presentation Of Financial Statements For Individual Companies (Part 1) • Specific provisions and generally accepted accounting practices of limited liability companies • The format, presentation and classification of assets and liabilities in the balance sheet (statement of financial position)

Case Study Delegates will be provided with the financial statements of a UAE based company and will engage into a discussion to interpret its overall performance and financial position on the basis of the material covered during the course.

Day Two Presentation Of Financial Statements For Individual Companies (Part 2) • The format, financial measurement considerations and interpretation of the profit and loss account (income statement) • The format and preparation of a cash flow statement • The statement of changes in equity • Notes to the financial statements • Audited, unaudited financial statements and management accounts Case Study Delegates will be provided with the financial statements of a UAE based company and will engage into a discussion to interpret its overall financial performance and liquidity on the basis of the material covered during the course.

Presentation Of Financial Statements For A Group Of Companies • Defining a group of companies • How to distinguish between subsidiaries, associates, joint ventures, investments and minority interests • Designing a group structure and what it means • The implications of inter-company transactions • Understanding complexities associated with multiple year ends, foreign exchange issues and discrepancies in complexities Case Study Delegates will be provided with a set of group consolidated financial statements of a UAE based organisation and will be required to engage into a discussion requiring the interpretation of its overall financial performance and position.

Day Three Analysing And Interpreting Financial Statements Preparing And Computing Ratio Analysis • Definition of ratios and ratio analysis and the need for comparison • Financial ratio classification • The key steps in ratio analysis • Preparing and computing profitability ratios

T: +971 4 335 2437 F: +971 4 335 2438 E: register@iirme.com W: www.iirme.com/finmonitoring

• • • • • •

Preparing and computing efficiency ratios The relationship between profitability and efficiency Preparing and computing liquidity ratios Preparing and computing gearing ratios Preparing and computing investment ratios Trend analysis - key benefits and limitations of accounting ratios

Case Study Delegates will build on their analysis of the group consolidated financial statements of the UAE based organisation presented on the previous day.

They will perform a ratio analysis in working groups with a view to more objectively determine the overall financial performance of the organisation as a whole.

Reporting And Evaluating The Financial Performance Of An Organisation Using CORE Analysis • What is CORE analysis?

• Understanding the importance of taking into account the qualitative perspective when analysing and interpreting financial information • Developing and preparing a CORE analysis • Reporting the financial performance of an organisation through CORE analysis Case Study Delegates will be further required to analyse the annual report of the UAE based organisation for which the group accounts have been analysed such that the ratio analysis prepared earlier during the day would be further substantiated with the more qualitative aspects of the analysis of its performance.

Day Four

Perform Basic Variance Analysis • The concepts of standard, marginal and activity based costing • What is variance analysis?

• Material price and usage variances • Labour rate and labour efficiency variances • Variable production overhead variances Case Study Delegates will have the opportunity to compare excerpts of the projected financial performance and position. They will determine the actual performance of the company through the budgeting process carried out earlier during the day, and shall seek to understand the reasons for deviations in the process.

Day Five Evaluating Departmental Performance • Functional structure vs. divisional structure • Understanding the various units of analysis in an organisation • Transfer pricing methodologies, principles and practices • Costs and benefits associated with transfer pricing practices Case Study Delegates will be provided with a case in which they will be required to analyse the performance of individual departments within an organisation using variance analysis after making appropriate transfer pricing adjustments.

Conclusion Workshop Delegates will be given the opportunity to participate in workshops

Basic Variance Analysis

and discussions where they will be able to:

Understanding Cost Behaviour • Introduction to management accounts and why they differ from financial statements • Cost behaviour in materials • Cost behaviour in labour • Cost behaviour in overheads • The use of standard, marginal and activity based costing

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Undertake and work out practical exercises to learn the tools and techniques described during the course

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Discuss and explore how such tools and techniques could be used within their own organisational setting

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Discuss the practical limitations of carrying out the analysis as outlined in the course within the organisation of participants and

Case Study Delegates will be provided with a case study wherein they will be required to perform basic computations of costs for material, labour and overheads using the techniques outlined during the course.

Principles Of Budgeting • Preparing the sales budget • Preparing the production budget • Preparing the overhead budget • Preparing a projected profit and loss account • Preparing a projected balance sheet • Preparing a projected cash flow statement Case Study The principles of budgeting will be explained directly through the use of a case study which will be computed on a step-by-step approach.

how such limitations could be overcome in real life •

Discuss and brainstorm the various conclusions and interpretation of information and results of the case studies that have been used throughout the course

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Delegates will be required to work out a number of exercises in groups to illustrate specific concepts described during the course of the session. Such exercises will include examples for the treatment of bad debts, stock, depreciation, accruals and prepayments amongst others

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Delegates will be further tasked with the preparation of a simple set of financial statements on the basis of a Trial Balance and a series of end of period adjustments that would need to be raised in the process

T: +971 4 335 2437 F: +971 4 335 2438 E: register@iirme.com W: www.iirme.com/finmonitoring

Certificate In Financial Monitoring And Analysis For Business Professionals

4 – 8 May 2014 • Radisson Royal Hotel, Dubai, UAE 9 – 13 November 2014 • Radisson Royal Hotel, Dubai, UAE

FIVE WAYS TO REGISTER IIR Holdings Ltd. P.O Box 9428 Dubai, UAE

+971 4 335 2437 +971 4 335 2438 register@iirme.com

www.iirme.com/finmonitoring

DISCOUNTS AVAILABLE FOR 2 OR MORE PEOPLE CALL – +971 4 335 2483 E-MAIL – a.watts@iirme.com WEB BC5381/BC5382

Event

Course Fee Before 16 February 2014

Course Fee Before 9 March 2014

Final Fee

Certificate In Financial Monitoring And Analysis For Business Professionals 4 – 8 May 2014 (BC5381)

US$ 4,395

US$ 4,895

US$ 5,195

Event

Course Fee Before 24 August 2014

Course Fee Before 14 September 2014

Final Fee

Certificate In Financial Monitoring And Analysis For Business Professionals 9 – 13 November 2014 (BC5382)

US$ 4,395

US$ 4,895

US$ 5,195

WOULD YOU LIKE TO RUN THIS COURSE INͳHOUSE?

Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions and successfully complete the course assessment will receive an IIRME/GW Certificate of Completion.

All registrations are subject to our terms and conditions which are available at www.iirme.com/terms. Please read them as they include important information. By submitting your registration you agree to be bound by the terms and conditions in full.

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A confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be received prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. In any event payment must be received not later than 48 hours before the Event. Entry to the Event may be refused if payment in full is not received.

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Cancellation If you are unable to attend, a substitute delegate will be welcome in your place. Registrations cancelled more than 7 days before the Event are subject to a $200 administration charge.

Registration fees for registrations cancelled 7 days or less before the Event must be paid in full. Substitutions are welcome at any time.

Avoid Visa Delays - Book Now Delegates requiring visas should contact the hotel they wish to stay at directly, as soon as possible.

Visas for non-GCC nationals may take several weeks to process.

All registrations are subject to acceptance by IIR which will be confirmed to you in writing.

Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

Event Venue: Radisson Royal Hotel, Dubai, UAE Tel: +971 4 308 0000 Accommodation Details We highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on: Tel: +971 4 407 2693 Fax: +971 4 407 2517 Email: hospitality@iirme.com © Copyright I.I.R. HOLDINGS B.V.

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