June 12, 2015

Southwestern Federal Power System's Fiscal Year 2014 Financial Statement Audit

The Department of Energy Office of Inspector General contracted with the independent public accounting firm of KPMG, LLP, (KPMG) to express an opinion on Southwestern Federal Power System’s financial statements and report on applicable internal controls and compliance with laws and regulations.  KPMG concluded that the combined financial statements present fairly in accordance with U.S. generally accepted accounting principles.  KPMG’s review of internal controls identified two significant deficiencies.  Specifically, auditors noted deficiencies in internal controls where project balances were not transferred from construction work in progress to completed plant in service, and where goods and services received prior to September 30, 2014, were not properly accrued. 

Topic: Management & Administration