External Reporting is responsible for the reporting of the consolidated financial statements of the Timken Company, which includes various reports for issuance to management, shareholders and government agencies, including the Securities and Exchange Commission, Department of Commerce and Bureau of the Census. In addition, External Reporting is the key contact for researching new accounting pronouncements and providing direction on proper accounting for project, to assure the company is in compliance with the external regulatory rules and reporting standards established by the Securities and Exchange Commission, Federal Accounting Standards Board and other organizations defining US GAAP, and to support company initiatives with accounting research and technical assistance to ensure proper financial planning and recording, including joint ventures. Other responsibilities include:
1. Responsible for the coordination and preparation and issuance of the 10-Q and 10-K Filings with the SEC as well as assisting with other SEC filings such as shelf registrations, prospectuses, Form 8-K, etc., including recommending new filing methods. 10-Q, 10-K and Annual Reports are delivered to the SEC, Shareholders and the investment community and thus accuracy and timeliness are critical. They are also required to be in compliance with U.S. GAAP (accounting rules), and thus requires an individual with technical accounting expertise.
2. Development of press release financial statements and 10-K/Annual report. Press release statements and related analysis are used by Timken to report financial results externally and by CFO for the quarterly earnings release conference call. Consequently, accuracy and timeliness of reports are extremely important.
3. This position would need to be continually current on new accounting regulations to insure that any new technical pronouncements are appropriately reflected in the Company's external filings (10-Q, 10-K, etc.), and future accounting pronouncements are evaluated to understand the impact on the financial statements. As a result, the external filings should be accurate and timely. Errors or inappropriate interpretation of new pronouncements can result in late filings or restatements.
4. Assist in developing world-wide accounting policy by managing the process to prioritize, vet and communicate policy to the global finance organization.
5. Coordination of quarterly review by external auditors and year-end audit. Role serves as the point in driving timely compliance with external audit requests to facilitate the review and analysis of the Company's financial statements. Includes coordination with various financial process owners to obtain supporting documents that allow external auditors to evaluate the financial statements. Due to the timeline associated with this activity, it is imperative that due dates and adequate documentation is obtained, reviewed for relevancy and provided to the auditors.
6. Manage ad hoc reporting and accounting guidance requests. Senior management regularly requests additional information relative to accounting guidance, technical evaluations of items in the financial statements and prospective analysis of future events as they relate to accounting pronouncements (goodwill allocation, acquisitions, divestitures, etc.). Position serves to research and document responses to these requests and provide analysis support when appropriate.
Bachelor's Degree in Finance or a related discipline with at least 5 years of experience.
Master's Degree in Finance or a related discpline with at least 3 years of experience.
CPA preferred with 5+ yrs of experience.
Requires an individual that is highly organized; proficient in technical writing skills; analytical; proven competency in accounting theory; ability to work with others at all levels; must have the ability to under- stand and interpret technical accounting literature, condense into understandable terms and present to management with justifiable documentation; willingness to maintain a strong position with senior management on compliance with SEC and FASB rules. Requires experience with consolidation (Hyperion Enterprise) and general ledger or ERP systems.
