●  ONEOK INC /NEW/ · FY 2022 

Controls & Procedures

A robust control environment was affirmed for ONEOK Inc., with management concluding that both disclosure procedures and internal controls over financial reporting were effective as of December 31, 2022. This assessment was externally validated by PricewaterhouseCoopers LLP and revealed no material weaknesses or significant deficiencies in the company's control structure during the period.

OKE L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Oneok Inc /new Controls & Procedures Synthesis

Internal Controls and Procedures Assessment: ONEOK INC

Management's Conclusions on Control Effectiveness

Disclosure Controls and Procedures

Management concluded that the company’s disclosure controls and procedures were effective as of December 31, 2022. This conclusion was reached based on an evaluation of the controls required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, signed off by the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer).

Internal Control Over Financial Reporting (ICFR)

Management concluded that its internal control over financial reporting was effective as of December 31, 2022. This evaluation utilized the framework established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The effectiveness of these controls was subsequently audited by PricewaterhouseCoopers LLP.

Identified Weaknesses and Changes

Material Weaknesses or Significant Deficiencies

The provided documentation does not identify any material weaknesses or significant deficiencies in the company's internal control over financial reporting.

Changes to Internal Controls

There were no changes identified during the quarter ended December 31, 2022, that materially affected, or were reasonably likely to materially affect, the company’s internal control over financial reporting.

Remediation and New Procedures

Remediation Efforts

As no material weaknesses or significant deficiencies were identified, there are no corresponding remediation efforts detailed in this section of the filing.

Noteworthy Controls Introduced

The document does not mention any noteworthy new controls or procedures introduced during the reporting period.

Balanced Assessment Summary

Strengths

  • Effectiveness: Management has concluded that both disclosure controls and ICFR were effective as of year-end 2022, indicating a functioning control environment.
  • External Validation: The effectiveness of ICFR was independently audited by PricewaterhouseCoopers LLP, providing external assurance regarding the control structure.

Weaknesses and Caveats

  • Inherent Limitations: Management explicitly notes that internal control over financial reporting has inherent limitations and may not prevent or detect all misstatements due to changes in conditions or deterioration of compliance.
  • Lack of Change/Improvement Detail: The report indicates a static environment, noting "no changes" were made during the quarter; while this suggests stability, it does not provide evidence of proactive control enhancements or improvements beyond the existing framework.