This short course covers key aspects of organisational finances, including financial statements, financial leadership and how to face financial challenges. The session seeks to provide clarity on the roles of the various boardroom players, how challenges faced in financial reporting may be addressed and more importantly, enhance the financial acumen of those charged with governance so as to be on top of the financial reporting oversight.
Who Should Attend
This course is for business leaders or directors looking to develop, strengthen or update the essential financial skills that are required in their roles. It is suitable for participants from all sectors, and for all levels of financial experience, though it is particularly helpful for those without a finance background.
Key Learning Outcomes
Participants learn to:
- understand the respective roles of the Board, Audit Committee and Management on financial reporting, including the various components of financial statements.
- be apprised of the key challenges and pitfalls on financial reporting, including the “usual suspects” that contribute to financial misreporting or delay in reporting
- appreciate the importance of a system of risk management and internal control that is adequate and operating in all material aspects – to address financial reporting risk as well as potential financial shenanigans
- know how to pose “hard-ball” and “pulse-point” questions to Management for clarification
- have learnt the art of interpreting financial statements, apprised of some challenging Malaysian Financial reporting Standards, and the importance of having relevant literacy to identify red flags, including the exercise of healthy scepticism
- appreciate the benefits from leveraging on the work of Auditors (Internal and External Auditors) who are essentially the “eyes and ears” of the Audit Committee.
Financial Reporting Masterclass – Strengthen Your Financial Acumen
- Introduction to Session
- Recent announcements on regulatory changes that impact financial reporting
- Financial reporting & its associated regulatory requirements
- Roles of the Board of Directors, Audit Committee, Management & Auditors on financial reporting
- Quarterly announcement & annual financial statements – key differences
- How to read, analyze & interpret financial statements – Statement of Financial Position, Statement of Profit or Loss & Other Comprehensive Income, Statement of Cash Flows, Statement of Changes in Equity & Notes to the Financial Statements
- Pertinent questions posed by Audit Committee & Board to Management (Corporate Governance Guide 3rd Edition: Moving from Aspiration to Actualization – a publication of Bursa)
- Identify red flags – case studies
- Key challenges & pitfalls on financial reporting
- The “usual suspects” contributing to financial misreporting or delay in reporting, including some challenging Malaysian Financial Reporting Standards
- Case studies on what went wrong & what could have been done – looking beyond reported numbers
- Video clip
- Critical success factors on timely & accurate financial reporting
- Establishing a system of risk management & internal control on financial reporting
- Engaging the Internal Auditors – scope of coverage, standards used & follow-up
- Engaging the External Auditors – Key Audit matters, the Management Letter & Summary of Unadjusted Misstatements
- Key takeaways for participants
- Questions & Comments
The Financial Mentor/Facilitator
Lee Min On is a Chartered Accountant, CA(M), with the Malaysian Institute of Accountants, a Certified Public Accountant, CPA(M), with the Malaysian Institute of Certified Public Accountants, and a Fellow Member (CFIIA) of The Institute of Internal Auditors Malaysia
A retired Partner of KPMG in Malaysia after serving for 36 years, his experience in KPMG encompassed an extensive discipline of services that include Audit, Mergers & Acquisitions, Board Advisory Services on sustainability, corporate governance, enterprise risk management, internal controls and risk-based internal audit
He co-wrote the Corporate Governance Guide – Towards Boardroom Excellence 1st & 2nd Editions, publications of Bursa Malaysia, to assist listed issuers on how to apply the Principles and Recommendations of the Malaysian Code on Corporate Governance 2007 & 2012, respectively.
Min On sat on the Task Force under the auspices of Bursa, responsible for developing the Statement on Risk Management and Internal Control – Guidelines for Directors of Listed Issuers in 2012. He conducts in-house training and participates in public seminars and conferences as a speaker, sharing thoughts and insights on Sustainability, Corporate Governance, Risk Management, Internal Controls and Internal Audit.
He is currently the Chairman of Audit Committee of the Institute of Internal Auditors, Malaysia.
He is the Former Director of Coalition for Business Integrity Berhad, a not-for-profit organization that advocates integrity in conducting business in Malaysia to raise the bar of corporate governance & integrity in the market place.
Min On is an Independent Non-Executive Director of 4 listed issuers in Malaysia (Audit Committee Chairman of 2 of them.)
25 OCTOBER, 2018
9 AM to 5 PM
CONNEXION @BANGSAR SOUTH
Please email or call us if you would like more info:
firstname.lastname@example.org or phone +603 2035 9710
WHAT PAST PARTICIPANTS SAY ABOUT THE PROGRAMME:
“Excellent examples and case studies accurately illustrative, as well as examples from personal experience. Also good were the tests/exercises on how to read financial statements. Good presentation style. Excellent all round”
Independent Non-Executive Director
Business Process Outsourcing Provider
“Facilitator is very knowledgeable on the subject matter”
Director/Head of Development,
“He shared real life cases of industry’s do’s and don’ts, good and bad practices. Very engaging instructor, provided lots of advice”
Head, Strategic Management & Planning Unit
HR Consulting Services
“Very knowledgeable and experience in his delivery.”
Sabah State Government