10-KPeriod: FY2006

FIRSTENERGY CORP Annual Report, Year Ended Dec 31, 2006

Filed February 28, 2007For Securities:FE

Summary

This 2007 10-K filing for FirstEnergy Corp. and its subsidiaries provides an overview of the company's financial reporting and internal controls as of December 31, 2006. Management, along with the Chief Executive Officer and Chief Financial Officer, has concluded that both disclosure controls and procedures, and internal control over financial reporting, were effective. There were no significant changes in internal controls during the fourth quarter of 2006. The filing also details the fees paid to PricewaterhouseCoopers LLP for audit and audit-related services for the years 2006 and 2005. The majority of the fees are for audit services, with no other significant tax or other services billed. Information regarding directors and executive officers, executive compensation, security ownership, and related transactions is incorporated by reference to the company's 2007 Proxy Statement, indicating that these detailed aspects are covered in a separate, related filing.

Key Highlights

  • 1Disclosure controls and procedures were effective as of December 31, 2006.
  • 2Internal control over financial reporting was effective as of December 31, 2006.
  • 3No material changes in internal control over financial reporting occurred during Q4 2006.
  • 4PricewaterhouseCoopers LLP served as the independent registered public accounting firm.
  • 5Total audit fees for FirstEnergy and its subsidiaries in 2006 were $6,310,000, a slight decrease from $6,573,000 in 2005.
  • 6No fees were incurred for tax or other non-audit services by PricewaterhouseCoopers LLP.
  • 7Key details on directors, executive officers, and compensation are referenced in the 2007 Proxy Statement.

Frequently Asked Questions

FirstEnergy's management, including the CEO and CFO, concluded that the company's disclosure controls and procedures, as well as its internal control over financial reporting, were effective as of December 31, 2006. This assessment was based on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

No, there were no changes in FirstEnergy's internal control over financial reporting during the fourth quarter of 2006 that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

For the year ended December 31, 2006, the total audit fees for FirstEnergy and its subsidiaries were $6,310,000. There were no audit-related fees, tax fees, or other fees billed by PricewaterhouseCoopers LLP.

Information regarding FirstEnergy's directors, executive officers, executive compensation, security ownership, and related party transactions is incorporated by reference into this Form 10-K from the company's 2007 Proxy Statement, which was filed separately with the SEC.