ITC » Topics » Changes in Internal Control over Financial Reporting

These excerpts taken from the ITC 10-K filed Feb 26, 2009.
Changes in Internal Control over Financial Reporting
 
There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2008 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
Changes in Internal Control over Financial Reporting
 
There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2008 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
Changes in Internal Control over Financial Reporting
 
There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2008 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
Changes in
Internal Control over Financial Reporting



 



There have been no changes in our internal control over
financial reporting during the quarter ended December 31,
2008 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.


 




Changes in
Internal Control over Financial Reporting



 



There have been no changes in our internal control over
financial reporting during the quarter ended December 31,
2008 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.


 




Changes in
Internal Control over Financial Reporting



 



There have been no changes in our internal control over
financial reporting during the quarter ended December 31,
2008 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.


 




Changes in Internal Control over Financial Reporting
 
There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2007 that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
ITEM 9B.   OTHER INFORMATION.
 
On December 27, 2007, the lenders under ITC Holdings’ Revolving Credit Agreement, dated as of March 29, 2007, executed documents increasing their aggregate commitments under the Revolving Credit Agreement from $80.0 million to $105.0 million pursuant to the request of ITC Holdings made under the terms of the Revolving Credit Agreement.
 
Changes in
Internal Control over Financial Reporting



 



There have been no changes in our internal control over
financial reporting during the quarter ended December 31,
2007 that have materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.


 















ITEM 9B.  

OTHER
INFORMATION.



 



On December 27, 2007, the lenders under ITC Holdings’
Revolving Credit Agreement, dated as of March 29, 2007,
executed documents increasing their aggregate commitments under
the Revolving Credit Agreement from $80.0 million to
$105.0 million pursuant to the request of ITC Holdings made
under the terms of the Revolving Credit Agreement.


 




Changes in Internal Control over Financial Reporting
 
During the course of completing our year-end accounting close, we determined that our analysis of the accounting impacts of our recently approved ratemaking mechanism, referred to as Forward-Looking Attachment O, was not complete at the time we filed our Form 10-Q for the quarterly period ended September 30, 2006. Management did not ensure that the accounting analysis was complete and did not ensure that the effects were reflected in the filing. A material weakness, as defined by the Public Company Accounting Oversight Board, is a significant deficiency, or a combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.
 
As a result of the material weakness identified above, the interim financial statements included in our Form 10-Q were not accurate. We subsequently corrected the interim financial statements in a Form 10-Q/A. During the quarter ended December 31, 2006, we undertook actions we believe have effectively remediated this material weakness, such as performing a comprehensive review of the impacts of any ratemaking changes if and when they become effective in the future prior to the filing of financial statements.
 
Additionally, subsequent to the October 10, 2006 METC Acquisition and during the fourth quarter of 2006, we voluntarily adopted, earlier than required, internal control over financial reporting for METC based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In most instances, the controls adopted for


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METC are consistent with those already in place for us. In other instances, where the METC operations differ, the controls adopted are newly designed.
 
There have been no other changes in our internal control over financial reporting during the quarter ended December 31, 2006 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
ITEM 9B.   OTHER INFORMATION.
 
None.
 
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