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PRR735

Summary

Title Incorporating the ERCOT Internal Audit Department and Other Clarifications
Next Group
Next Step
Status Approved on 12/11/2007
Effective Dates
01/01/2008

Action

Date Gov Body Action Taken Next Steps
12/11/2007 BOARD Approved
11/01/2007 TAC Recommended for Approval Board consideration
10/18/2007 PRS Recommended for Approval TAC consideration
09/20/2007 PRS Recommended for Approval Impact Analysis review

Voting Record

Date Gov Body Motion Result
12/11/2007 BOARD To approve PRR735 as recommended by TAC. Passed
11/01/2007 TAC To recommend approval of PRR735 as recommended by PRS. Passed
10/18/2007 PRS To forward the Recommendation Report and Impact Analysis for PRR735 to TAC with the understanding that the ERCOT Board of Directors would consider NPRR077 and PRR735 simultaneously. Passed
09/20/2007 PRS To recommend approval of PRR735 as amended by PRS. Passed

Background

Status: Approved
Date Posted: Aug 7, 2007
Sponsor: ERCOT Staff
Urgent: No
Sections: 1.4.2, 1.4.3.2, 1.4.3.1.1, 1.4.4, 1.4.5, 1.4.6
Description: This PRR incorporates the ERCOT Internal Audit Department into the Protocols, clarifies the audits to be performed, and the treatment of audit results. Responsibility for performing the annual operational or "settlements" audit, otherwise commonly known as the Statement on Auditing Standards (SAS) No. 70 ("SAS 70"), Type II report, will continue to be performed by an external independent certified public accounting firm. Upon approval of this PRR, responsibility for performing the other audits referenced in Protocol Section 1.4, Operational Audit, will transition to the Internal Audit Department.
Reason: Because ERCOT now has an Internal Audit Department, this section of the Protocols should be revised to account for the responsibilities of this department to perform relevant audits. Protocol Section 1.4, Operational Audit, dates from January of 2001. The Internal Audit Department was created in August of 2003, went through a transition period in 2004-2005, and was not sufficiently staffed with internal ERCOT resources until 2006.

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