Recruiter's Glossary

Examples: Trial Balance • Detection Risk • GAAP

Disclosure

Term from Auditing industry explained for recruiters

Disclosure refers to the process of revealing important financial information in company reports and documents. It's like ensuring all cards are on the table - companies must share relevant details about their finances, risks, and operations with investors and regulators. Think of it as transparency in business reporting. Auditors play a key role in reviewing these disclosures to make sure they're complete, accurate, and follow rules set by organizations like the SEC (Securities and Exchange Commission) or FASB (Financial Accounting Standards Board).

Examples in Resumes

Reviewed Disclosure requirements for SEC filings in financial statements

Ensured compliance with Disclosure guidelines for quarterly reports

Led team in implementing new Disclosure standards for corporate reporting

Typical job title: "Disclosure Analysts"

Also try searching for:

Financial Analyst Disclosure Specialist Financial Reporting Analyst Audit Associate SEC Reporting Specialist Corporate Reporting Analyst

Where to Find Disclosure Analysts

Professional Organizations

Online Resources

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you handle a situation where you discover a potentially material disclosure was omitted from previous financial statements?

Expected Answer: A senior professional should explain the process of evaluating materiality, consulting with management and external auditors, and determining appropriate remediation steps, including potential restatement if necessary.

Q: What recent changes in disclosure requirements have you implemented, and how did you manage the transition?

Expected Answer: Should demonstrate experience leading disclosure changes, training teams on new requirements, and ensuring smooth implementation across the organization.

Mid Level Questions

Q: What are the key components of Management Discussion and Analysis (MD&A)?

Expected Answer: Should explain that MD&A includes discussion of company performance, financial condition, and future outlook in plain language that investors can understand.

Q: How do you ensure completeness of disclosures in financial statements?

Expected Answer: Should describe their process for reviewing disclosure checklists, staying current with requirements, and coordinating with different departments to gather information.

Junior Level Questions

Q: What are the basic types of disclosures required in financial statements?

Expected Answer: Should be able to list main categories like accounting policies, risks and uncertainties, subsequent events, and related party transactions.

Q: Why are footnotes important in financial statements?

Expected Answer: Should explain that footnotes provide additional details and explanations that help readers better understand the numbers in financial statements.