Exelon 2009 Annual Report Download - page 42

Management’s฀Report฀on฀Internal฀Control฀Over฀Financial฀Reporting
The฀management฀of฀Exelon฀Corporation฀(Exelon)฀is฀responsible฀for฀establishing฀and฀maintaining฀adequate฀internal฀control฀over฀nancial฀reporting.฀Exelon’s฀internal฀
control฀over฀nancial฀reporting฀is฀a฀process฀designed฀to฀provide฀reasonable฀assurance฀regarding฀the฀reliability฀of฀nancial฀reporting฀and฀the฀preparation฀of฀nancial฀
statements฀for฀external฀purposes฀in฀accordance฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀States฀of฀America.฀
Because฀of฀its฀inherent฀limitations,฀internal฀control฀over฀nancial฀reporting฀may฀not฀prevent฀or฀detect฀misstatements.฀Also,฀projections฀of฀any฀evaluation฀of฀effectiveness฀
to฀future฀periods฀are฀subject฀to฀the฀risk฀that฀controls฀may฀become฀inadequate฀because฀of฀changes฀in฀conditions,฀or฀that฀the฀degree฀of฀compliance฀with฀the฀policies฀or฀
procedures฀may฀deteriorate.฀
Exelon’s฀ management฀ conducted฀ an฀ assessment฀ of฀ the฀ effectiveness฀ of฀ Exelon’s฀ internal฀ control฀ over฀ nancial฀ reporting฀ as฀ of฀ December฀ 31,฀ 2009.฀ In฀ making฀ this฀
assessment,฀management฀used฀the฀criteria฀in฀Internal฀Control฀–฀Integrated฀Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀Organizations฀of฀the฀Treadway฀Commission฀
(COSO).฀Based฀on฀this฀assessment,฀Exelon’s฀management฀concluded฀that,฀as฀of฀December฀31,฀2009,฀Exelon’s฀internal฀control฀over฀nancial฀reporting฀was฀effective.฀
The฀effectiveness฀of฀the฀Company’s฀internal฀control฀over฀nancial฀reporting฀as฀of฀December฀31,฀2009,฀has฀been฀audited฀by฀PricewaterhouseCoopers฀LLP,฀an฀independent฀
registered฀public฀accounting฀rm,฀as฀stated฀in฀their฀report.฀
February฀5,฀2010
Information฀Derived฀from฀2009฀Form฀10-K฀
We฀have฀presented฀a฀condensed฀discussion฀of฀nancial฀results,฀excerpts฀from฀our฀consolidated฀nancial฀statements฀and฀a฀copy฀of฀our฀Management’s฀Report฀on฀Internal฀
Control฀Over฀Financial฀Reporting฀in฀this฀summary฀annual฀report.฀A฀complete฀discussion฀of฀our฀nancial฀results฀and฀our฀complete฀consolidated฀nancial฀statements,฀including฀
notes,฀appears฀on฀pages฀63฀through฀342฀of฀our฀Form฀10-K฀annual฀report฀for฀the฀year฀ended฀December฀31,฀2009.฀That฀annual฀report฀was฀led฀with฀the฀Securities฀and฀Exchange฀
Commission฀on฀February฀5,฀2010,฀and฀can฀be฀viewed฀and฀retrieved฀through฀the฀Commission’s฀web฀site฀at฀www.sec.gov฀or฀our฀web฀site฀at฀www.exeloncorp.com.฀
Our฀independent฀registered฀public฀accounting฀rm,฀PricewaterhouseCoopers฀LLP,฀issued฀a฀report฀dated฀February฀5,฀2010,฀on฀their฀integrated฀audit฀of฀our฀consolidated฀
nancial฀statements฀and฀our฀internal฀controls฀over฀nancial฀reporting.฀In฀their฀report฀they฀expressed฀an฀unqualied฀opinion฀that฀those฀consolidated฀nancial฀statements฀
present฀fairly,฀in฀all฀material฀respects,฀the฀nancial฀position฀of฀Exelon฀Corporation฀and฀its฀subsidiaries฀at฀December฀31,฀2009,฀and฀2008฀and฀the฀results฀of฀their฀operations฀
and฀their฀cash฀ows฀for฀each฀of฀the฀three฀years฀in฀the฀period฀ended฀December฀31,฀2009,฀in฀conformity฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀States฀
of฀America.฀Furthermore,฀they฀expressed฀an฀unqualied฀opinion฀that฀Exelon฀maintained,฀in฀all฀material฀respects,฀effective฀internal฀control฀over฀nancial฀reporting฀as฀of฀
December฀31,฀2009,฀based฀on฀criteria฀established฀in฀Internal฀Control฀–฀Integrated฀Framework฀issued฀by฀the฀COSO.฀The฀full฀text฀of฀PricewaterhouseCoopers฀LLP’s฀report฀can฀
be฀found฀on฀page฀156฀of฀our฀2009฀Form฀10-K.฀
Certications฀
The฀CEO฀of฀Exelon฀has฀made฀the฀required฀annual฀certications฀for฀2009฀to฀the฀New฀York฀Stock฀Exchange฀and฀the฀Philadelphia฀Stock฀Exchange฀that฀Exelon฀is฀in฀compliance฀
with฀the฀listing฀standards฀of฀those฀exchanges.฀The฀CEO฀and฀CFO฀have฀led฀with฀the฀SEC฀all฀required฀certications฀under฀section฀302฀of฀the฀Sarbanes-Oxley฀Act฀of฀2002.฀
These฀certications฀are฀led฀as฀Exhibits฀31-1฀and฀31-2฀to฀Exelon’s฀2009฀Form฀10-K.฀
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