Friday, December 17

The Federal Energy Regulatory Commission’s Fiscal Year 2021 Financial Statement Audit

The attached letter presents the results of the independent certified public accountants’ consideration of the Federal Energy Regulatory Commission’s (FERC) internal control over financial reporting during the FERC Fiscal Year 2021 Financial Statement Audit.  The Office of Inspector General (OIG) engaged 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 financial statements and reporting on applicable internal controls and compliance with laws and regulations.  The Office of Inspector General 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 Office of Inspector General did not express an independent opinion on FERC financial statements.  KPMG audited FERC financial statements as of and for the year ended September 30, 2021 and 2020, in accordance with auditing standards generally accepted in the U.S.  As part of this audit, KPMG identified two control deficiencies and issued two findings during the FERC Fiscal Year 2021 Financial Statement Audit.  However, KPMG did not identify a significant deficiency or a material weakness as part of its work under this audit.  Although two findings were issued during the audit, there was no impact on costs.  Management concurred with the findings and recommendations listed in the Management Letter.