Summary
This filing is an amendment to Williams Companies, Inc.'s (WMB) Form 10-Q for the quarter ended March 31, 2004. The primary purpose of this amendment is to clarify the company's conclusion regarding the effectiveness of its disclosure controls and procedures. Management, including the CEO and CFO, re-affirmed that these controls are effective at a reasonable assurance level. The amendment aims to correct any potential misinterpretation of the original report that might have suggested a qualified or limited conclusion. Investors should note that this filing does not provide updated financial results for the quarter but focuses solely on controls. The company reiterates the inherent limitations of any control system, stating that while they aim for reasonable assurance, absolute assurance against all errors and fraud is not possible. Enhancements to account reconciliation processes across business segments are ongoing.
Key Highlights
- 1Amendment to Form 10-Q for the quarter ended March 31, 2004, filed October 17, 2004.
- 2Primary purpose: Clarify and reaffirm the effectiveness of disclosure controls and procedures.
- 3Management, including CEO and CFO, concluded disclosure controls are effective at a reasonable assurance level.
- 4Aims to correct any misinterpretation that the conclusion was qualified or limited.
- 5Reiteration of inherent limitations in all control systems (reasonable vs. absolute assurance).
- 6Enhancements to account reconciliation processes are ongoing across all business segments.
- 7No material change in internal controls during the registrant's first fiscal quarter.