Xcel Energy 2004 Annual Report Download - page 40

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Xcel Energy Annual Report 2004
38
MANAGEMENT REPORT ON INTERNAL CONTROLS
The management of Xcel Energy is responsible for establishing and maintaining adequate internal control over financial reporting. Xcel Energy’s internal
control system was designed to provide reasonable assurance to the company’s management and board of directors regarding the preparation and fair
presentation of published financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide
only reasonable assurance with respect to financial statement preparation and presentation.
Xcel Energy management assessed the effectiveness of the company’s internal control over financial reporting as of Dec. 31, 2004. In making this assessment,
it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework.
Based on our assessment we believe that, as of Dec. 31, 2004, the company’s internal control over financial reporting is effective based on those criteria.
Xcel Energy’s independent auditors have issued an audit report on our assessment of the company’s internal control over financial reporting. Their
report appears on the following page.
Wayne H. Brunetti Benjamin G.S. Fowke III
Chairman and Chief Executive Officer Vice President and Chief Financial Officer
March 3, 2005 March 3, 2005