tailieunhanh - Audit Report - Federal Energy Regulatory Commission's Fiscal Year 2012 Financial Statement Audit

It is critical for internal audit to develop a systematic means to analyse risk. Risk is any event that could prevent the company from achieving its business objectives. A risk assessment allows the auditor to consider how potential events might affect the achievement of business objectives. The risk assessment process begins by defining the audit universe. The audit universe includes all of the business units, processes and operations. Next, the auditor must understand the company’s business model within the context of its industry and its key business objectives. Through dialog with stakeholders, internal audit should confirm its understanding of the audit universe, key business objectives and risks inherent in. | . Department of Energy Office of Inspector General Office of Audits and Inspections Audit Report Federal Energy Regulatory Commission s Fiscal Year 2012 Financial Statement Audit OAS-FS-13-03 November 2012 Department of Energy Washington DC 20585 November 15 2012 MEMORANDUM FOR THE CHAIRMAN FEDERAL ENERGY REGULATORY COMMISSION FROM SUBJECT Rickey R. Hass Deputy Inspector General for Audits and Inspections Office of Inspector General INFORMATION Federal Energy Regulatory Commission s Fiscal Year 2012 Financial Statement Audit The attached report presents the results of the independent certified public accountants audit of the Federal Energy Regulatory Commission s Commission balance sheets as of September 30 2012 and 2011 and the related statements of net costs changes in net position budgetary resources and custodial activity. To fulfill the Office of Inspector General s OIG audit responsibilities we contracted with the independent public accounting firm of KPMG LLP KPMG to conduct the audit subject to our review. KPMG is responsible for expressing an opinion on the Commission s financial statements and reporting on applicable internal controls and compliance with laws and regulations. The OIG monitored audit progress and reviewed the audit report and related documentation. This review disclosed no instances where KPMG did not comply in all material respects with generally accepted Government auditing standards. The OIG did not express an independent opinion on the Commission s financial statements. KPMG concluded that the financial statements present fairly in all material respects the financial position of the Commission as of and for the years ended September 30 2012 and 2011 and its net costs changes in net position budgetary resources and custodial activities for the years then ended in conformity with United States generally accepted accounting principles. The auditors review of the Commission s internal control structure and compliance with certain laws .

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