10-Q/APeriod: Q1 FY2004

WILLIAMS COMPANIES, INC. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2004

Filed October 18, 2004For Securities:WMB

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.

Frequently Asked Questions

This filing is an amendment to a previous 10-Q report. Its main purpose is to clarify that Williams Companies, Inc.'s management concluded its disclosure controls and procedures were effective at a reasonable assurance level, correcting any potential ambiguity from the original report.

No, this filing (10-Q/A) is an amendment focused on controls and procedures and does not present updated financial results for the quarter ended March 31, 2004. It should be read in conjunction with the original 10-Q and subsequent reports.

It means that management believes the company's disclosure controls and procedures are designed and operated to provide a high degree of confidence that objectives are met, but not absolute certainty. Like any system, it acknowledges inherent limitations and the possibility of errors or fraud, despite best efforts.

The company mentions that certain portions of its account reconciliation process have controls and policies that are in the process of being enhanced across all business segments. However, management concludes that current controls are effective at a reasonable assurance level and there were no material changes in internal controls during the quarter.