Honeywell 2012 Annual Report Download - page 128

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
Not Applicable.
Item 9A. Controls and Procedures
Honeywell management, including the Chief Executive Officer and Chief Financial Officer,
conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of
the period covered by this Annual Report on Form 10-K. Based upon that evaluation, the Chief
Executive Officer and the Chief Financial Officer concluded that such disclosure controls and
procedures were effective as of the end of the period covered by this Annual Report on Form 10-K to
ensure information required to be disclosed in the reports that Honeywell files or submits under the
Exchange Act is recorded, processed, summarized, and reported within the time periods specified in
the Securities and Exchange Commission rules and forms and that it is accumulated and
communicated to our management, including our Chief Executive Officer, our Chief Financial Officer
and our Controller, as appropriate, to allow timely decisions regarding required disclosure. There have
been no changes that have materially affected, or are reasonably likely to materially affect, Honeywell’s
internal control over financial reporting that have occurred during the quarter ended December 31,
2012.
Management’s Report on Internal Control Over Financial Reporting
Honeywell management is responsible for establishing and maintaining adequate internal control
over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act
of 1934. Honeywell’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles.
Honeywell’s internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of Honeywell’s assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorizations of Honeywell’s management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of Honeywell’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of Honeywell’s internal control over financial reporting as
of December 31, 2012. In making this assessment, management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—
Integrated Framework.
Based on this assessment, management determined that Honeywell maintained effective internal
control over financial reporting as of December 31, 2012.
The effectiveness of Honeywell’s internal control over financial reporting as of December 31, 2012
has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm,
as stated in their report which is included in “Item 8. Financial Statements and Supplementary Data.”
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