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Outcome of Audits

The audit outcomes are from fiscal year 2005 through fiscal year 2009.  The Commission’s fiscal year begins October 1 and ends September 30 of the following year.  During this period, staff completed ­­296 audits, comprised of 140 financial audits and 156 operational audits.  The audit topics generally involved the following:

  • Reliability
  • Affiliated Transaction,
  • Open Access Transmission Tariff
  • Market-based Rate Authority
  • Contract Deviations
  • Gas Tariff
  • Public Utility Holding Company Act of 2005,
  • Governance and Independence practices at Regional Transmission Organizations and Independent System Operators
  • Price Index Reporting
  • Fuel Adjustment Clause
  • Electronic Quarterly Reporting
  • Electric and Gas Web-site Transparency and Posting Compliance
  • Index of Customers
  • Code of Conduct
  • Standards of Conduct
  • Annual Charges
  • Accounting, Financial Reporting, and Records Retention Compliance
  • Blanket Authorizations for Mergers and Acquisition
  • Interlocking Directorates
  • Construction Work-in-Progress

The audits resulted in 757 recommendations for corrective actions in which jurisdictional companies developed robust compliance plans to implement staff’s recommendations. Staff monitored the implementation of all of these recommendations until they were properly implemented. More information regarding audit outcomes can be found in the 2008 Report on Enforcement PDF and 2009 Report on Enforcement PDF.

Bryan Craig, Chief Accountant
Telephone: 202-502-8741
Email: bryan.craig@ferc.gov

Updated: July 22, 2010