Ill. Admin. Code tit. 83, § 450.150 - Internal Audits
a) Electric utilities
shall conduct biennial internal audits on transactions with affiliated interests.
These audits shall test compliance with this Part, with any applicable Commission
orders, with the electric utility's affiliated interest operating agreement(s)
and/or guidelines, with 83 Ill. Adm. Code 415, and with 83 Ill. Adm. Code 420. The
audits shall include written reports of conclusions and associated workpapers that
shall be available to the Commission Staff for review. The audit reports shall be
submitted to the Commission's Director of Accounting within 30 days after
completion. Any audit performed pursuant to this Section may be designated as
confidential with the Commission's Director of Accounting.
b) The first such internal audit report shall be
submitted on or before December 1, 1998. Succeeding audit reports shall be submitted
on or before December 1 of each even numbered succeeding year.
c) Subsections (a) and (b) of this Section shall
not apply to transactions with corporations that are affiliated interests of the
electric utility solely because they share a common director or transactions with
individuals that are affiliated interests of the electric utility solely because
they are an elective officer or director of the electric utility.
Notes
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