Ill. Admin. Code tit. 83, § 550.150 - Internal Audits

a) Gas utilities shall conduct biennial internal audits or have internal audits conducted by independent public accountants on transactions with affiliated interests. These audits shall test compliance with this Part, with any applicable Commission orders, with the gas utility's affiliated interest operating agreement(s) and/or guidelines, with 83 Ill. Adm. Code 505, and with 83 Ill. Adm. Code 506. 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 internal audit report shall be submitted on or before December 1, 2002. 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 gas utility solely because they share a common director or transactions with individuals that are affiliated interests of the gas utility solely because they are an elective officer or director of the gas utility.

Notes

Ill. Admin. Code tit. 83, § 550.150

Amended at 27 Ill. Reg. 1138, effective February 1, 2003