ComEd 2013 Annual Report Download - page 113

Report of Independent Registered Public Accounting Firm
TotheBoardofDirectorsandShareholdersofExelon Corporation:
In our opinion,theconsolidatedfinancial statementslistedintheindexappearingunder Item15(a)(1)present fairly, in all material
respects, thefinancial position ofExelon Corporation (“theCompany”) anditssubsidiariesat December 31,2013 and2012,andthe
resultsoftheir operationsandtheircash flows for each ofthethree yearsinthe periodendedDecember 31,2013 inconformitywith
accountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Inaddition,in our opinion,thefinancial statement
scheduleslistedintheindexappearingunder item15(a)(2)present fairly, in all material respects, theinformation set forththerein
when readinconjunction withthe relatedconsolidatedfinancial statements. Alsoin our opinion,theCompanymaintained, in all
material respects, effectiveinternal control over financial reportingasofDecember 31,2013,basedon criteriaestablishedinInternal
Control—Integrated Framework (1992) issuedbytheCommittee ofSponsoringOrganizationsoftheTreadwayCommission
(COSO). TheCompany’s management is responsible for thesefinancial statementsandfinancial statement schedules, for
maintainingeffectiveinternal control over financial reportingandfor itsassessment oftheeffectiveness ofinternal control over
financial reporting, includedintheaccompanyingManagement’s Report on Internal Control Over Financial Reporting. Our
responsibilityisto express opinionson thesefinancial statements, on thefinancial statement schedules, andon theCompany’s
internal control over financial reportingbasedon our integratedaudits. Weconductedour auditsinaccordancewiththestandards of
thePublic CompanyAccountingOversightBoard(UnitedStates). Thosestandards require that we plan andperformtheauditsto
obtain reasonable assuranceabout whether thefinancial statementsare free ofmaterial misstatement andwhether effectiveinternal
control over financial reportingwasmaintainedin all material respects. Our auditsofthefinancial statementsincludedexamining, on
atestbasis, evidencesupportingtheamountsand disclosuresinthefinancial statements, assessingtheaccountingprinciplesused
and significant estimatesmadeby management,andevaluatingtheoverall financial statement presentation.Our auditofinternal
control over financial reportingincludedobtainingan understandingofinternal control over financial reporting, assessingtherisk that
amaterial weakness exists, andtestingandevaluatingthedesignandoperatingeffectiveness ofinternal control basedon the
assessedrisk. Our auditsalsoincludedperformingsuch other proceduresasweconsiderednecessaryinthecircumstances. We
believethat our auditsprovide a reasonable basis for our opinions.
Acompany’s internal control over financial reportingisa process designedto provide reasonable assuranceregardingthe reliability
offinancial reportingandthe preparation offinancial statementsfor external purposesinaccordancewithgenerallyaccepted
accountingprinciples. Acompany’s internal control over financial reportingincludesthose policiesandproceduresthat (i) pertainto
themaintenanceofrecords that,in reasonable detail,accuratelyandfairlyreflectthe transactionsand dispositionsoftheassetsof
thecompany; (ii) provide reasonable assurancethat transactionsare recordedasnecessaryto permit preparation offinancial
statementsinaccordancewithgenerallyacceptedaccountingprinciples, andthat receiptsandexpendituresofthecompanyare
beingmade onlyinaccordancewithauthorizationsofmanagement anddirectorsofthecompany; and (iii) provide reasonable
assuranceregardingprevention or timelydetection ofunauthorizedacquisition,use,or disposition ofthecompany’s assetsthat
couldhaveamaterial effectonthefinancial statements.
Becauseofitsinherent limitations, internal control over financial reportingmaynot prevent or detectmisstatements. Also,projections
ofanyevaluation ofeffectiveness to future periods are subjecttotherisk that controlsmaybecomeinadequate becauseofchanges
inconditions, or that thedegree ofcompliancewiththe policiesor proceduresmaydeteriorate.
/s/ PricewaterhouseCoopers LLP
Chicago,Illinois
February13,2014
107