November 16, 2022

The Federal Energy Regulatory Commission’s Fiscal Year 2022 Financial Statements

The report presents the results of the independent certified public accountants’ audit of the Federal Energy Regulatory Commission’s (FERC) balance sheets as of September 30, 2022, and 2021, and the related statements of net cost, changes in net position, custodial activity, and statements of budgetary resources for the years then ended.

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 FERC’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 FERC’s financial statements.

KPMG concluded that the combined financial statements present fairly, in all material respects, the financial position of FERC as of September 30, 2022, and 2021, and its net costs, changes in net position, budgetary resources, and custodial activity for the years then ended, in accordance with United States generally accepted accounting principles. 

As part of this audit, auditors also considered FERC’s internal controls over financial reporting and tested for compliance with certain provisions of laws, regulations, contracts, and grant agreements that could have a direct and material effect on the financial statements.  The audit did not identify any deficiency in internal control over financial reporting that is considered a material weakness.  The OIG issued notices of findings and recommendations to management throughout the audit.  All findings and recommendations will be detailed in a management letter that will be provided to FERC at a later date. 

The results of the auditors’ review of FERC’s compliance with certain laws and regulations disclosed no instances of noncompliance or other matters required to be reported under applicable audit standards and requirements.