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Outcome of Audits

The audit outcomes are through fiscal year 2014. The Commission’s fiscal year begins October 1 and ends September 30 of the following year. During this period, staff completed 633 audits, comprised of 243 financial audits, 292 operational audits, and 98 reliability audits. The total findings were 1001. The audit topics included, but were not limited to, the following audit scopes:

  • Formula Rates/Fuel Adjustment Clauses
  • Comprehensive Gas Audits (e.g. cost trackers, accounting, reporting, affiliate transactions, tariff compliance and pipeline safety and integrity costs)
  • Mergers/Acquisitions
  • Open Access Transmission Tariff
  • Reliability
  • Affiliated Transaction,
  • Market-based Rate Authority
  • Public Utility Holding Company Act of 2005
  • Price Index Reporting
  • Electronic Quarterly Reporting
  • Electric and Gas Web-site Transparency and Posting Compliance
  • Code of Conduct /Standards of Conduct
  • Accounting, Financial Reporting, and Records Retention Compliance
  • Construction Costs and Construction Work-in-Progress

The audits resulted in 2081 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, 2010 Report on Enforcement PDF , 2011 Report on Enforcement PDF, 2012 Report on Enforcement PDF, and the 2013 Report on EnforcementPDF

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

Updated: January 12, 2015