10-K/APeriod: FY2004

WILLIAMS COMPANIES, INC. Annual Report (Amendment), Year Ended Dec 31, 2004

Filed March 29, 2005For Securities:WMB

Summary

This filing is an amendment (10-K/A) to The Williams Companies, Inc.'s 2004 Annual Report, primarily to correct an omission in the auditor's reports. The core financial statements and the assessment of internal controls over financial reporting remain unchanged, with both receiving unqualified opinions from Ernst & Young LLP. The company's management assessed its internal controls as effective as of December 31, 2004, and the auditors concurred with this assessment. Investors should note that this amendment is procedural and does not alter the previously reported financial position or operational results for the fiscal year ended December 31, 2004. The company's financial statements and internal controls were deemed reliable and effective by its independent auditors, providing a foundation of confidence for stakeholders regarding the accuracy of its financial reporting.

Key Highlights

  • 1Amendment to the 2004 10-K filing to correct auditor signature omissions in specific reports.
  • 2Ernst & Young LLP issued an unqualified opinion on the effectiveness of internal control over financial reporting as of December 31, 2004.
  • 3Management's assessment of effective internal controls over financial reporting as of December 31, 2004, was deemed fairly stated by the auditors.
  • 4Ernst & Young LLP also issued an unqualified opinion on the consolidated financial statements for the fiscal years ended December 31, 2004, 2003, and 2002.
  • 5The financial statements present fairly, in all material respects, the consolidated financial position and results of operations.
  • 6The company adopted EITF Issue No. 02-3 regarding energy trading and risk management contracts and SFAS No. 143 for Asset Retirement Obligations effective January 1, 2003.

Frequently Asked Questions

This filing is an amendment to the original 10-K for the fiscal year ended December 31, 2004. Its primary purpose is to correct an unintentional omission of the signature of the independent registered public accounting firm, Ernst & Young LLP, from specific reports within the original filing.

No, the amendment is procedural and does not change the company's financial statements or the auditor's opinion on the effectiveness of internal controls. Both the financial statements and the assessment of internal controls as of December 31, 2004, received unqualified opinions and remain as originally reported.

The company adopted Emerging Issues Task Force Issue No. 02-3, concerning accounting for contracts involved in energy trading and risk management activities, and Statement of Financial Accounting Standards No. 143, "Accounting for Asset Retirement Obligations." These adoptions were effective January 1, 2003.