Financial Analyst Corporate Accounting

Job Responsibility:

49641 - Toronto - Regular - Ongoing

Hydro One is proud to be the largest electricity transmission and distribution provider in Ontario, serving nearly 1.4 million customers. We have a long history in the industry with our roots dating back over 110 years to 1906. Since then, we have worked to grow and evolve to meet the changing needs of our customers and communities across Ontario. Today, we're focused on providing exceptional customer service and ensuring we are building safe communities where we live, work and play.

It's an exciting time to join the team at Hydro One!

General Accountabilities:

• Utilize existing financial systems and related controls to gather and compile data to produce a variety of business information such as financial statements, variance reviews, accounting analysis, financial/statistical reports and the monthly consolidated financial statements.

• Prepare and/or review financial evaluations. Analyze data to ensure consistency with assumptions and strategies. Coordinate, assemble and prepare data to produce the above information.

• Develop and maintain the associated financial systems and controls, assess their effectiveness and recommend changes or improvements as necessary.

• Provide advice, guidance, recommendations and direction to line and clerical staff regarding all manner of financial issues.

• Develop and implement controls and administer the work in the maintenance of accounts and financial support systems.

• Develop, implement and maintain management information systems and data collection procedures.

Specific Accountabilities:

• Manage the work related to general accounting activities such as journal posting. Review and analyze journal entries to ensure accuracy and completeness of documentation and resolve outstanding issues.

• Assist in review of journal entries greater the $250K to gain assurance journals are correct and complete.

• Manage the setup of new general ledger accounts and changes to existing accounts, setup of new cost/profit centres and changes to existing ones, and set up of new Company segments in SAP. This will include review of these requests for reasonability, financial reporting impact, including accuracy, efficiency and completeness of requests.

• Review and coordinate the quarterly general ledger account analysis process in a timely manner.

• Review and verify sign-off by Service Providers staff and Hydro One account owners, including completeness and quality of analysis.

• Follow up on outstanding analysis and provide support to account reconcilers and owners including recommended changes and required training.

• Follow up on outstanding items identified in account analysis to ensure completeness and accuracy of general ledger account balances.

• Coordinate quarterly review of master data changes and quarterly general ledger account analysis.

• Review financial statements and supporting material for external reporting purposes, and external auditors.

• Manage the preparation of the Quarterly Reporting Package for the external auditors, including review of variance analysis and follow up on external auditor questions.

• Respond to questions on the financial statements from senior management and auditors in a timely and accurate fashion.

• Reconcile subledger and subsystem balances in SAP to the GL control accounts on a monthly basis and maintain evidence of reconciliation for internal controls review and sign-off. Additionally, reconcile and analyze intercompany control accounts on a monthly basis.

• Periodically supervise staff assigned on a temporary basis to assist with the production of financial statements, and special projects verifying the completeness and accuracy of the information.

• Provide advice, guidance, recommendations and assistance to line management in assessing the business aspects of internal controls, programs and projects, staff and organization plans, cost benefit analysis, and cost allocation.

• Assist in the preparation of documentation of projects/programs according to established financial procedures for submission to the Corporate Controller/CFO for approval.

• Support regulatory processes, including assistance in rate applications, evidence preparation, responses to interrogatories and general hearing support as required.

• Support special purpose reporting such as the annual reconciliation of WSIB filings.

• Develop and maintain performance measures and the appropriate reporting system for monitoring and controlling such measures.

• Conduct special studies, and analyze current financial data, costs and trends to meet Management needs and those of the Corporate Controllers division.

• Ensure the reliability of Hydro One's internal financial controls by participating in the design, development and implementation of various accounting and administrative control procedures by conducting financial reviews and the follow up of operational and financial audits to ensure identified deficiencies are corrected.

• Provide and exchange accounting information with other subsidiary and line of business staff on matters of joint concern.

• Participate in and/or conduct meetings and discussions on divisional and related financial procedural matters as required and assigned.

• Review and coordinate preparation of written instructions for use by the appropriate staff in the application of financial and accounting practices and procedures, as directed by the Supervisor.

• Assist in ensuring financial reporting and internal control objectives are achieved for all applicable financial processes.

• This includes the development and maintenance of applicable internal controls policies, procedures and practices to support certifications required under securities legislation.

• Perform other duties as required.

Selection Criteria

Essential Competencies:

• Requires a knowledge of financial accounting, including IFRS and US GAAP, financial analytical techniques and computer applications to develop, implement and maintain financial control systems.

• Requires a good knowledge of English to communicate effectively with internal and external contacts and to prepare technical reports.

• This knowledge is considered to be normally acquired through the successful completion of a 4 year University education in business administration or commerce with an accounting or finance major and a (CGA, CMA, CA) or by having the equivalent level of education.

• Requires experience to be familiar with the regulated utility business.

• Requires experience in general accounting, financial evaluations, and cost accounting, to prepare financial statements and reports.

• Requires an understanding of the interrelationship of the various finance groups.

• Requires experience with computers and applications to develop and apply information systems and use information from systems within the business unit, including SAP.

• Requires experience with various terminologies associated with regulatory filings and regulatory accounting.

• A period of over 8 years and up to and including 10 years is considered necessary to gain this experience.

• Requires judgment when analyzing, assessing and resolving financial issues encountered in reporting. The resolution of some problems such as those related to critical cost components in financial statements, follow past practice or precedent and solutions may require modification of analyses to accommodate problem uniqueness.

• Requires initiating contacts and proceeding with the remainder of the assignment, referring to Supervisor only in unusual circumstances. Supervisor is required to be kept informed of general work progress.

• Requires providing limited supervision, on a periodic basis, to staff assigned to assist with work programs.

• Requires assigning and checking the work and providing advice and guidance. Requires referring personnel issues to Supervisor for resolution.

• Requires collaborating and cooperating with all levels of personnel regarding financial policies, procedures and systems.

• Requires working with Business Unit staff to monitor and provide advice on accounting matters where there may be some disagreement or contentious issues arise.

• Requires working with representatives of government agencies, utilities and other business organizations regarding administrative, technical and service matters.

• Requires sound judgment and accurate analysis of financial data and reporting issues impacting on the Business Unit in order to prepare analyses and commentary on financial results.

• Errors made in any of these processes could escape early detection and result in inappropriate decisions by management, inefficient use of senior management's time, financial loss, embarrassment to the Business Unit, and could require considerable expense and effort to resolve.

At Hydro One we understand that the success and strength of our business rests with our people. When we develop their skills, we are investing in both their success and ours. To secure the best talent, we seek to create a workforce that reflects the diverse populations of the communities where we live and work and to create a culture based on safety, innovation and inclusiveness.

We are honoured to be recognized by Forbes in its list of Canada's Best Employers for 2024.

Thank you for considering a career with Hydro One, we welcome applications from all qualified candidates. If you are having difficulty using our online application system and you need an accommodation due to a disability, please email View email address on ca.edajobs.com. Hydro One will provide reasonable accommodation for qualified individuals with disabilities in the job application process.

Please note this email is only for accommodation requests. Resumes sent to this email address will not be considered.

Deadline: June 10, 2024

In the event you are experiencing difficulties applying to this job please consult our help page here.

Job Segment: Accounting, Financial Analyst, Corporate Finance, ERP, SAP, Finance, Technology