Exelon 2011 Annual Report Download - page 43

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41
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 financial reporting. Exelon’s internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
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 financial 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 financial reporting as of Dec. 31, 2011. In making this assessment,
management used the criteria in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations (COSO) of the Treadway
Commission. Based on this assessment, Exelon’s management concluded that, as of Dec. 31, 2011, Exelon’s internal control over financial reporting was effective.
The effectiveness of the company’s internal control over financial reporting as of Dec. 31, 2011, has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, as stated in its report.
Feb. 9, 2012
Information Derived from 2011 Form 10-K
We have presented a condensed discussion of financial results, excerpts from our consolidated financial 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 financial results and our complete consolidated financial
statements, including notes, appears on pages 70 through 360 of our Form 10-K annual report for the year ended Dec. 31, 2011. That annual report was filed with
the Securities and Exchange Commission on Feb. 9, 2012, and can be viewed and retrieved through the Commission’s website at www.sec.gov or our website at
www.exeloncorp.com.
Our independent registered public accounting firm, PricewaterhouseCoopers LLP (PwC), issued a report dated Feb. 9, 2012, on its integrated audit of our consolidated
financial statements and our internal control over financial reporting. In its report PwC expressed an unqualified opinion that those consolidated financial
statements present fairly, in all material respects, the financial position of Exelon Corporation and its subsidiaries at Dec. 31, 2011, and 2010, and the results of their
operations and their cash flows for each of the three years in the period ended Dec. 31, 2011, in conformity with accounting principles generally accepted in the United
States of America. Furthermore, PwC expressed an unqualified opinion that Exelon maintained, in all material respects, effective internal control over financial
reporting as of Dec. 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the COSO. The full text of PwC’s report can be found
on page 170 of our 2011 Form 10-K.