Hubbell Policies

BALANCE SHEET ACCOUNT RECONCILIATIONS POLICY

English

Owner : Vice President, Controller

Last Review: 2014.09.02

FIN - 05

Department: Finance

POLICY

This policy requires that all Balance Sheet general ledger account reconciliations (“Account Reconciliations”) are to be prepared and reviewed in a Timely Manner in accordance with Hubbell’s documentation standards as described in this policy, as well as those prescribed by the Sarbanes-Oxley Act of 2002.

An Account Reconciliation is considered prepared when all of the following criteria are met and evidenced by the preparer’s signature and date of completion on the reconciliation or included with the reconciliation.

• The details of the account are known and substantiated by Adequate Supporting Documentation and compared to the ending balance in the general ledger. • Any reconciling items must be clearly identified, explained and adequately supported in the reconciliation. Each unidentified reconciling item must have a specific action plan and include an estimated time to resolution. Reconciling items that result in required adjustments to the general ledger must be recorded in a Timely Manner and include details of the entry that will be posted in the general ledger. Any reconciling items requiring adjustments greater than $50,000 USD or $50,000 USD equivalent must be communicated to the Vice President, Controller. • The reconciliation is prepared in accordance with the Procedure for Balance Sheet Account Reconciliations. Review of an Account Reconciliation is considered complete when all designated reviewers have ensured that the reconciliation is prepared in accordance with this policy and related procedures and have evidenced their approval by signature and date of the review.

SCOPE

This policy applies to all general ledger accounts being submitted monthly to Hyperion Financial Management for financial reporting. Statutory reconciliations are not governed by this policy.

PURPOSE

The objective is to ensure all Balance Sheet general ledger accounts are reconciled in accordance with Hubbell’s documentation standards as well as those prescribed by the Sarbanes-Oxley Act of 2002 in a Timely Manner and that all adjustments are recorded timely for accurate financial reporting.

PROCEDURE

Account Assignments

For any entity not yet in Blackline, Business Unit Controllers are responsible for maintaining a master list of all Balance Sheet accounts within the general ledger and that have either a balance recorded at the end of the period or are defined as active accounts in the general ledger. The master list shall be referred to as the Business Unit Controller’s Account Assignment list and should include the following.

•

Entity name.

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