External Reporting - Securities Commissions & Governmental
Development, coordination, review, and submission of the 10Q, 10K, and 8K SEC filings as well as other external submissions including statutory filings and Census Bureau and other governmental requests.
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
- Describes the basic external reporting regulations relevant to the organization.
- Identifies frequency and schedules for time-based reporting requirements.
- Describes basic event-driven reporting requirements and time constraints relevant to those requirements.
QUESTIONS
- Describe a time you had to apply statutory reporting requirements?
Probing Questions
* What was the situation?
* What reporting requirements did you follow?
* Why was this necessary?
* What was the outcome?
- Can you describe an event-driven reporting requirement that you have encountered?
Probing Questions
* What was the event?
* Why was reporting required?
* What was your involvement in identifying or reporting the event?
* Do you think you were effective in identifying and reporting the event? Why or why not?
Level 2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the competency in common situations that present limited difficulties.
BEHAVIORS
- Describes more complex external reporting requirements that are currently, or can become, relevant to the organization.
- Follows processes and schedules to collect and transmit relevant data for time-based reporting.
- Describes the organization’s processes used to identify events that require reporting.
- Applies internal accounting policies and procedures.
- Assists in the collection of relevant data for external reporting.
QUESTIONS
- Describe a time when you were responsible for gathering and maintaining information for periodic statutory reporting.
Probing Questions
* What was the reporting requirement?
* Why was the reporting necessary?
* How did you identify and gather the information?
* Were you effective? How do you know?
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
- Creates procedures and schedules for the collection of data and the preparation of time-based reports.
- Prepares financial statements and notes required for securities commission and other reporting.
- Assists in the development of financial disclosure information for press releases for reportable events and information.
- Prepares supporting information used for financial statements, notes of management discussion and analysis, and all pertinent external reporting data.
QUESTIONS
- Describe a time you were involved in developing financial disclosures, either in financial statements or otherwise.
Probing Questions
* What were the disclosures?
* How did you ensure the disclosures were accurate and complete?
* What resources did you use?
* Do you think you were effective? Why or why not?
- Can you describe a process or procedure you developed for the collection of time-based information?
Probing Questions
* What information needed to be collected?
* What was the process or procedure?
* What other factors did you consider?
* What were the results of your efforts?
Level 4 Advanced: Demonstrates advanced knowledge and ability and can apply the competency in new or complex situations. Guides other professionals.
BEHAVIORS
- Reviews and submits the organization’s securities commission and other external reports.
- Coordinates the input from various businesses across the organization in defining narrative and discussion supporting securities commission and other external reports.
- Identifies when reportable events have occurred and coordinate the preparation and filing of the relevant reports.
- Responds to the external auditor and regulator inquiries.
QUESTIONS
- Can you tell me about you coordinated information from a variety of sources and departments to create external reports?
Probing Questions
* How did you identify the ideal sources for the information?
* What challenges did you encounter in gathering and verifying the information?
* How did you deal with those challenges?
* Were you successful?
- Describe to me a time when you responded to inquiries from external auditors or securities commissions?
Probing Questions
* What was the circumstance?
* What was the basis for the inquiry?
* How did you respond?
* How did you determine the appropriate response?
* Were you effective in providing the response?
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
- Designs and implements external reporting process and procedures for completing time-based external reports.
- Builds process to ensure identification of reportable events within the time-frame required for reporting.
- Determines the implications and requirements of new accounting standards and practices on future external reporting processes.
- Participates in industry and other external reporting forums to monitor and improve external reporting requirements.
QUESTIONS
- Describe a time when you were involved with standards-setting or reporting bodies in your industry?
Probing Questions
* What was the nature of your involvement?
* What were you supposed to accomplish?
* What did you do to accomplish your goals?
* What was the outcome of your involvement?
- Can you tell me about a sensitive time-based event that you were required to report?
Probing Questions
* How was that event identified?
* What was your role in the situation?
* What process did you follow to gather information and determine reporting requirements?
* What was the result?