Summary
This filing is an amendment to Williams Companies, Inc.'s (WMB) 2003 Form 10-K, specifically addressing and clarifying Item 9A regarding Disclosure Controls and Procedures. The amendment aims to correct any misinterpretation that the company's disclosure controls were qualified or limited, reaffirming management's conclusion that these controls are effective at a reasonable assurance level as of the end of the fiscal year 2003. No other information from the original 10-K has been updated unless rendered incorrect by the passage of time. The amendment also touches upon prior period adjustments within the Power business, primarily related to the accounting treatment of derivative contract terminations from 2001. While these adjustments were identified and corrected in 2003, leading to process improvements, management reiterates its overall conclusion of control effectiveness. Investors should note that this filing focuses on the integrity of financial reporting and disclosure, rather than introducing new financial performance data.
Key Highlights
- 1Amendment clarifies the effectiveness of Williams Companies' disclosure controls and procedures for fiscal year 2003.
- 2Management, including CEO and CFO, concluded that Disclosure Controls are effective at a reasonable assurance level.
- 3The filing explicitly states that no other information in the original 10-K has been updated unless time has made it incorrect.
- 4Prior period adjustments were made in the Power business related to derivative contract terminations from 2001.
- 5These Power business adjustments led to identified improvements in accounting and monitoring processes.
- 6Management concludes that current controls are effective at a reasonable assurance level despite prior period adjustments.
- 7No material changes to internal controls over financial reporting occurred during the fourth fiscal quarter of 2003.