Accounting and Reporting
Understanding and applying accounting and reporting concepts and methodologies.
Level 1 Introductory: Demonstrates introductory understanding and ability and, with guidance, applies the competency in a few, simple situations. Can direct people to the appropriate source for further information.
BEHAVIORS
- Identifies GAAP and other fundamental accounting and financial practices appropriate to the organization.
- Describes how the organization works, and of critical financial requirements.
- Explains the internal control methodologies, processes, and frameworks.
- Assists in the preparation of variance reports.
- Gathers data from a variety of sources under supervision.
- Organizes information in support of financial analysis.
QUESTIONS
- Outline your understanding of one of the following concepts and its purpose: -Income Statement -Balance Sheet -General Ledger -Relevant accounting Standards
Probing Questions
* Describe a time when you were required to work with (select one of the above.)
* What were your responsibilities?
* What was the purpose of the work you were doing?
* What was the outcome?
Level 2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the competency in common situations that present limited difficulties.
BEHAVIORS
- Conducts straight-forward account reconciliations.
- Applies GAAP within an organizational context.
- Applies limited aspects of policies and procedures, with guidance, in straightforward situations.
- Applies internal accounting policies and procedures.
- Assists the work unit to implement internal control frameworks.
- Prepares straightforward financial statements and reconciliation documents.
QUESTIONS
- Describe a time when you were required to conduct financial statement reconciliation.
Probing Questions
* What were the circumstances surrounding this task?
* What specific techniques did you use?
* What presented the greatest challenge to completing the task?
* How did you overcome this challenge?
* What was the outcome?
- Describe a time when you were required to estimate expenditures or costs.
Probing Questions
* What were the circumstances surrounding this initiative?
* What specific techniques did you use?
* How did you ensure that your work was accurate and timely?
* What was the feedback from stakeholders on your work?
- Tell me about a time when you had to apply generally accepted accounting principles and accrual accounting in your job?
Probing Questions
* What were the circumstances surrounding this task?
* What exactly did you do?
* How accurate was your work?
* What were the results?
* What feedback did you receive on your work?
- Tell me about a time when you worked in a position where you were required to process payments.
Probing Questions
* What was the job?
* What kind of supervision were you working under?
* What were the results?
* What feedback did you receive on your work?
Level 3 Intermediate: Demonstrates solid knowledge and ability, and can apply the competency, with minimal or no guidance, in the full range of typical situations. Would require guidance to handle novel or more complex situations.
BEHAVIORS
- Validates and reconciles complex accounting records and G/L accounts.
- Investigates anomalies in financial information.
- Produces timely and accurate financial management reports for stakeholders.
- Presents financial management reports to stakeholders.
- Prepares financial statements.
- Advises on appropriate accounting treatment, in accordance with professional and organizational standards.
- Determines accounting treatment for non-routine and complex transactions.
- Ensures accountability for compliance with regulatory requirements, and delegated financial authorities.
- Evaluates the accuracy and integrity of financial statements.
- Makes recommendations for change to improve the accuracy and integrity of financial statements, as required.
QUESTIONS
- Describe a time when you were required to validate and reconcile organizational accounting records and/or G/L accounts.
Probing Questions
* What were the circumstances surrounding this task?
* What exactly did you do?
* How accurate was your work?
* What were the results?
* What was the feedback from users and clients?
- Describe a time when you recognized an anomaly in the financial information that you were reviewing.
Probing Questions
* What was the importance of the anomalies?
* Who was impacted by the anomalies?
* What did you do when you recognized the anomalies?
* What was the result?
Level 4 Advanced: Demonstrates advanced knowledge and ability and can apply the competency in new or complex situations. Guides other professionals.
BEHAVIORS
- Identifies appropriate accounting linkages between departments.
- Researches accounting and reporting best practices that could be beneficial to various stakeholders.
- Advises on the appropriate accounting treatment for complex transactions (e.g. fair value determinations, depreciation of assets, financial instruments).
- Co-ordinates the preparation of complex, public financial statements, including consolidation across organizations.
- Develops cost-accounting techniques to address unique organizational needs.
- Advises managers and junior practitioners on accounting and reporting procedures and processes.
- Mentors junior practitioners on accounting and reporting procedures and processes.
QUESTIONS
- Describe a time when you provided advice and coaching to managers on accounting concepts, techniques, or methodologies.
Probing Questions
* What were your role and responsibilities?
* Why was the advice or coaching necessary?
* How did you convey the information so that it was easily understood?
* What was the result of your coaching/advice?
- Describe a time when you prepared a financial statement.
Probing Questions
* What was the financial statement for?
* What did you personally do?
- Describe a time when you prepared a financial statement.
Probing Questions
* What was the financial statement for?
* What did you personally do?
* What resources did you use while preparing the statement?
* What was the outcome?
Level 5 Expert: Demonstrates expert knowledge and ability, and can apply the competency in the most complex situations. Develops new approaches, methods, or policies in the area. Is recognized as an expert, internally and/or externally.
BEHAVIORS
- Anticipates the effect of new accounting principles on the organization.
- Assists in leading the change to adopt the new accounting principles.
- Advises on financial statement presentation, including note disclosure, which fairly and accurately presents the organization’s financial performance for external and internal users of the statements.
- Develops and implements operational frameworks for organizational accounting, information management, and financial control.
- Evaluates accounting systems, processes, and procedures with a view to recommending improvements.
QUESTIONS<