Top 10 Questions for Lease Examiner Interview

1. What are the key responsibilities of a Lease Examiner?

• Review and analyze lease agreements to ensure compliance with applicable laws and regulations.
• Identify and resolve any discrepancies or errors in lease documents.
• Prepare and maintain lease abstracts and other related documentation.
• Collaborate with other departments, such as accounting and legal, to ensure the accuracy and completeness of lease information.
• Stay up-to-date on changes in lease accounting standards and best practices.

2. Explain the different types of lease agreements and their key features.

• Operating lease: A lease that does not transfer ownership of the leased asset to the lessee at the end of the lease term.
• Capital lease: A lease that transfers ownership of the leased asset to the lessee at the end of the lease term.
• Sale-leaseback: A lease in which the seller of an asset leases back the asset from the buyer.
• Sublease: A lease in which the lessee of an asset leases the asset to another party.

3. What are the most common lease accounting standards and how do they impact the financial reporting of leases?

• ASC 842: The Financial Accounting Standards Board (FASB) accounting standard for leases.
• IFRS 16: The International Accounting Standards Board (IASB) accounting standard for leases.
• Both ASC 842 and IFRS 16 require lessees to recognize lease liabilities and right-of-use assets on their balance sheets.
• The standards also require lessees to classify leases as either operating leases or capital leases.

4. What are the key risks associated with lease accounting?

• Misclassifying leases: Incorrectly classifying a lease can lead to errors in financial reporting.
• Improperly accounting for lease modifications: Lease modifications can trigger new lease accounting requirements.
• Not considering the impact of off-balance sheet leases: Off-balance sheet leases can have a significant impact on a company’s financial position.
• Failing to comply with lease accounting standards: Non-compliance with lease accounting standards can lead to penalties and reputational damage.

5. What are the best practices for lease accounting?

• Establish a lease accounting policy and procedures.
• Maintain a centralized lease inventory.
• Review leases regularly for changes and modifications.
• Use technology to automate lease accounting processes.
• Consult with a qualified accountant or auditor if needed.

6. What are the challenges of lease accounting for complex lease transactions?

• Determining the lease term.
• Allocating lease payments to the appropriate periods.
• Accounting for leasehold improvements.
• Calculating the present value of the lease payments.
• Disclosing lease information in the financial statements.

7. What are the emerging trends in lease accounting?

• The increasing use of technology in lease accounting.
• The adoption of new lease accounting standards, such as ASC 842 and IFRS 16.
• The focus on sustainability and the impact of leases on environmental, social, and governance (ESG) reporting.
• The growing importance of lease data analytics.

8. How do you stay up-to-date on the latest lease accounting developments?

• Reading industry publications.
• Attending conferences and webinars.
• Taking continuing education courses.
• Networking with other lease accounting professionals.

9. Why are you interested in this Lease Examiner position?

I am interested in this Lease Examiner position because I have a strong understanding of lease accounting principles and a proven track record of success in lease accounting. I am also eager to learn more about the latest lease accounting developments and to contribute to the success of your organization.

10. What are your salary expectations for this position?

My salary expectations are in line with the market average for Lease Examiners with my level of experience and qualifications. I am willing to negotiate a salary that is fair and competitive.

A Lease Examiner is responsible for reviewing and analyzing lease agreements to ensure accuracy, completeness, and compliance with legal and accounting requirements. Key job responsibilities include:

1. Lease Review and Analysis

Examining and evaluating lease agreements to ensure compliance with relevant laws, regulations, and accounting standards

• Identifying and interpreting key provisions of lease agreements, such as lease commencement and end dates, rental payments, and renewal options
• Analyzing financial and accounting implications of lease agreements, including lease classification, depreciation, and disclosure requirements

2. Lease Accounting and Reporting

Applying accounting principles and methodologies to account for and report lease transactions in accordance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)

• Preparing journal entries and financial statements to accurately reflect the impact of lease agreements on the company’s financial position
• Ensuring compliance with financial reporting requirements, such as disclosure of lease obligations and contingent liabilities

3. Lease Compliance and Auditing

Monitoring and ensuring compliance with lease covenants and terms, as well as internal and external audit requirements

• Conducting lease audits to identify and address any potential risks or non-compliance issues
• Collaborating with auditors to provide necessary information and support during lease-related audits

4. Lease Administration

Supporting the administration of lease agreements, including lease negotiation, documentation, and renewal processes

• Participating in lease negotiations to ensure the protection of the company’s interests
• Preparing and maintaining lease documentation, such as lease contracts, amendments, and termination notices

To ace an interview for a Lease Examiner position, follow these tips:

1. Research the Company and Role

Familiarize yourself with the company’s industry, business model, and financial performance. Review the job description thoroughly and identify the key responsibilities and qualifications required.

• Example: “I have researched your company’s website and found that you are a leading provider of healthcare services. I am particularly interested in your commitment to compliance and accuracy, which aligns well with my skills and experience in lease accounting.”

2. Highlight Your Analytical and Accounting Skills

Emphasize your strong analytical and accounting abilities. Provide specific examples of your experience in reviewing, analyzing, and interpreting lease agreements and financial statements.

• Example: “In my previous role, I was responsible for accounting for complex lease transactions, including sale-leaseback agreements and operating leases. I successfully implemented new accounting policies and procedures to ensure compliance with IFRS.”

3. Showcase Your Compliance and Auditing Experience

Highlight your experience in monitoring lease compliance and conducting lease audits. Demonstrate your understanding of lease-related laws, regulations, and auditing procedures.

• Example: “As a Lease Auditor at XYZ Company, I conducted internal and external lease audits to identify and address compliance issues. My findings led to the implementation of new controls and improvements in lease administration processes.”

4. Prepare for Technical Questions

Anticipate technical questions about lease accounting and auditing standards. Prepare answers that demonstrate your knowledge of lease classification, depreciation, and disclosure requirements.

• Example: “I am familiar with the recent changes to IFRS 16 and have been involved in the implementation of the new standard at my previous company. I believe my understanding of the revised leasing framework will be valuable to your organization.”

5. Be Confident and Enthusiastic

Project confidence and enthusiasm throughout the interview. Express your interest in the position and your eagerness to contribute to the team. Prepare questions to ask the interviewers, which demonstrates your active engagement and interest in the company.

• Example: “I am excited about the prospect of joining your team and contributing my skills to your lease accounting function. I am eager to learn more about your company’s approach to lease management and how I can support your ongoing success.”