December 17, 2014
Federal Energy Regulatory Commission's Fiscal Year 2014 Financial Statement Audit
We contracted with the independent public accounting firm of KPMG, LLP (KPMG) to conduct the audit of the Federal Energy Regulatory Commission's (Commission) balance sheets and related statements of net cost, changes in net position, budgetary resources, and custodial activity. KPMG concluded that the financial statements present fairly, in all material respects, the financial position of the Commission as of September 30, 2014 and 2013, and its net costs, changes in net position, budgetary resources, and custodial activities for the years then ended, in accordance with United States generally accepted accounting principles.
The auditors' review also considered the Commission's internal controls over financial reporting and compliance with certain provisions of laws, regulations, contracts, and grant agreements. The audit identified one deficiency in internal control over financial reporting that is considered a material weakness and resulted in instances of noncompliance with United States generally accepted accounting principles, and consequently, noncompliance with the Federal Financial Management Improvement Act of 1996.
Topic: Management & Administration