Xcel Energy 2006 Annual Report Download - page 126

Download and view the complete annual report

Please find page 126 of the 2006 Xcel Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

116
Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
During 2005 and 2006, and through the date of this report, there were no disagreements with the independent public accountants on
accounting principles or practices, financial statement disclosures, or auditing scope or procedures.
Item 9A — Controls and Procedures
Disclosure Controls and Procedures
Xcel Energy maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in
reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the
time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures ensure that information required to
be disclosed is accumulated and communicated to management, including the chief executive officer (CEO) and chief financial officer
(CFO), allowing timely decisions regarding required disclosure. As of Dec. 31, 2006, based on an evaluation carried out under the
supervision and with the participation of Xcel Energy’s management, including the CEO and the CFO, of the effectiveness of its
disclosure controls and the procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure controls and procedures are
effective.
Internal Controls Over Financial Reporting
No change in Xcel Energy’s internal control over financial reporting has occurred during the most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting.
Xcel Energy maintains internal control over financial reporting to provide reasonable assurance regarding the reliability of the
financial reporting. Xcel Energy has evaluated and documented its controls in process activities, in general computer activities, and on
an entity-wide level. During the year and in preparation for issuing its report for the year ended Dec. 31, 2006 on internal controls
under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy conducted testing and monitoring of its internal control over
financial reporting. Based on the control evaluation, testing and remediation performed, Xcel Energy did not identify any material
control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board (PCAOB)
and as approved by the SEC and as indicated in Management Report on Internal Controls herein. Xcel Energy has concluded that the
internal control over financial reporting was effective.
Item 9B — Other Information
None.