Xcel Energy 2005 Annual Report Download - page 40

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MANAGEMENT REPORT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING
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, 2005. 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, 2005, 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.
RICHARD C.KELLY BENJAMIN G.S.FOWKE III
Chairman, President and Chief Executive Officer Vice President and Chief Financial Officer
February 24, 2006 February 24, 2006
38 XCEL ENERGY 2005 ANNUAL REPORT