The “Interpreting Financial Statements” workshop, which took place in November, was organised in conjunction with the University College of the Cayman Islands (UCCI).

Presenters were drawn from CIMA, UCCI and local audit firms KPMG, PricewaterhouseCoopers and Deloitte.

The purpose of the training was to increase participants’ skills in analysing the financial statements they receive as part of the on-site and off-site supervision of entities that CIMA regulates.

The Authority’s Deputy Managing Director, Patrick Bodden, who officially opened the event, said the course was designed to strengthen the knowledge and experience of  participants by adding sound theory and practical application.

Dr Hassen Syed, the President of UCCI, expressed his delight at partnering with CIMA in this way.

The workshop included a two-day overview of financial statement analysis for participants from CIMA’s Banking, Insurance, Fiduciary, Investments and Securities, Compliance and Policy and Development divisions.

The presenter was UCCI lecturer Dr Allan Young who covered aspects including financial statement components, ratios, operating and financial leverage.

Dr Young’s presentation also focused on notes to financial statements, off balance sheet activities and auditors’ opinions.

Industry-specific training relevant to insurance, banking, investments and fiduciary services was provided on the third day by the audit firms.

CIMA’s Training and Development Specialist, Liz Smith, developed the course outline in consultation with the heads of division and chief analysts, and coordinated the workshop.

Ms Smith explained that outsourcing the training allowed attendees to learn from experts with technical and specialised skills.

Dr John Thompson, who chairs UCCI’s Department of Business Studies, described the collaboration as a “great success,” adding, “We at UCCI look forward to facilitating CIMA’s continuing educational and training needs in the future.”

Heads of division from CIMA were on hand to open the division-specific sessions. Among them was the Head of Insurance, Mary-Lou Gallegos.

She told the participants that the training was “strong evidence of CIMA’s commitment to providing opportunities for continuing education to its staff”.

She added, “We should especially commend our Human Resources Unit and in particular Liz for her work in ensuring that CIMA meets this objective.”

The Authority’s Managing Director, Cindy Scotland, told the participants that the CIMA has always placed a high priority on training.

“We will continue to ensure that our staff are up to date with the necessary skills and knowledge to ensure their efficiency,” she said.

KPMG’s Audit Manager, Dara Keogh, presented with colleague Romer Faramarz to the insurance group.

He said the firm was delighted to have been invited to assist with this training.

“Not only did the initiative help to provide a clear understanding of the process [of analysis],” he said. “But it has further enhanced communication between CIMA and the corporate sector.”

PricewaterhouseCoopers Manager, LaNishka Farrington-McSweeney, presented with Chief Analyst of CIMA’s Banking Supervision Division, Owen Henry.

Mrs Farrington-McSweeney said: “PwC offers a range of continuing education courses each year to its own staff and we are pleased to partner with CIMA for the first time to provide training to its staff on financial statement interpretation and evaluation techniques.”

Sessions for the Investments and Compliance divisions were presented by Messrs Kevin Huys, Robert Aspinall and Joshua Taylor of Deloitte, while Taron Jackman, also of Deloitte, presented to staff from the Fiduciary Services Division.

Deloitte partner, Stu Sybersma, who arranged the company’s involvement, commended CIMA on the comprehensive nature of the training programme.

He noted that Deloitte welcomed the opportunity to augment the theoretical nature of the material with real life scenarios and case studies.

Sybersma said his team was impressed with the questions raised by the analysts and the level of interaction that the sessions generated.

Francis Arana, Chief Policy and Development Officer, was one of the participants.

He rated the workshop highly: “It not only highlighted some of the important ratios in analyzing financial statements, but it also brought the meaning of these ratios to light.”

He added, “I particularly enjoyed the practical aspects of a group project in which we analyzed a local company and presented the results to all the workshop participants.”

Mr Arana said the industry- specific session on insurance, which he attended, provided him with a greater understanding of that sector:

“This will enable me to provide support to the Insurance Supervision Division, particularly with respect to dissemination of meaningful statistical information to relevant stakeholders.”

Banking Analyst, Marsena Hydes, agreed the workshop was valuable and felt the material was well presented.

“The most beneficial part of the entire workshop was the group project, because of the research involved. It not only allowed us to think as analysts, but also as creditors, investors, shareholders, etc,” she said.

“This was most beneficial as we were then able to see who companies gear their reports towards, and learn more about the entity’s primary focus. I felt that this exercise also allowed us to bond as co-workers, especially since interdivisional interaction is limited during working hours.”