NYISO controls pass audit for eighth straight year

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Rensselaer, N.Y., January 21, 2010 — The New York Independent System Operator received an unqualified Statement on Auditing Standards 70 Type II audit opinion for the eighth consecutive year.

“The NYISO‘s emphasis on excellence is showcased by our record of consistently obtaining positive results from these independent audits,” said Stephen G. Whitley, the NYISO President and CEO.

The SAS 70 Type II audit, conducted by KPMG LLP, scrutinized the controls related to the NYISO’s processes and systems for bidding, accounting, billing, and settlements of market transactions. It found that the NYISO’s controls were complete, accurate, and in accordance with the standards established by the American Institute of Certified Public Accountants.

The audit covers the period from November 16, 2008, through November 15, 2009.

The NYISO, a not-for-profit corporation that operates New York’s bulk electricity grid and wholesale electricity markets, voluntarily submits to the annual audit to provide the assurance of a thorough assessment to market participants and their financial auditors that the NYISO’s controls are accurately presented, suitably designed, and operating effectively.

New York’s bulk electricity grid, consisting of hundreds of generating units and thousands of miles of high-voltage transmission lines, requires the constant balancing of the electricity supply to meet consumer needs, on a moment-to-moment basis, 24 hours a day, 365 days a year.

The NYISO-administered marketplace for wholesale electricity includes ongoing auctions that bring together buyers and sellers of energy and related products and services.

SAS 70, Service Organizations, is a widely recognized auditing standard developed by the AICPA.

The SAS 70 audit report includes the auditor’s opinion on the fairness of the presentation of the service organization’s description of its controls and the suitability of the design of those controls.

As a Type 2 audit report, it also included the auditor’s opinion on whether specific controls were operating effectively during the period under review.

 

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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