Common use of Accounts and Record Keeping Clause in Contracts

Accounts and Record Keeping. HII's books, records and accounts shall be maintained in accordance with all applicable accounting rules and regulations. All transactions affecting assets, liabilities, shareholders' equity, revenues and expenses will be recorded on a timely basis in detailed journals and be traceable through the general ledger and resulting financial statements. Under no circumstances will any off-the-books funds or other unrecorded assets be maintained. No false, misleading or artificial entries shall be made in any financial books, records or accounts. No payment on behalf of HII shall be approved or made with the intention or understanding that any part of such payment is to be used for any purpose other than that described by the documents supporting the payment. Except as otherwise directed by the Law Department regarding privileged information, each employee shall supply all information and data requested at any time by the Company's internal or independent auditors. Each employee shall promptly advise management of any inaccuracy or deficiency in the accounting records. Be aware that special record keeping rules apply where HII is providing goods or services to the U.S. Government Record keeping procedures for such projects shall be approved by the controller for the unit involved.