An independent audit by KPMG LLP recently found that the New York Independent System Operator's (NYISO) controls were complete, accurate and in accordance with the standards established by the American Institute of Certified Public Accountants, earning the NYISO its sixth consecutive unqualified, or ‘clean,’ SAS 70 Type 2 audit opinion. The audit covers the period from Nov. 16, 2006, through Nov. 15, 2007.
‘Six consistently clean audits are the result of hard work by everyone at the NYISO and our vigorous commitment to excellence in operating New York's bulk electricity grid and administering the state's competitive wholesale electricity markets,’ says Mark S. Lynch, the NYISO's president and CEO.
The NYISO says it submitted to the audit voluntarily in order to provide the assurance of a thorough assessment to market participants and their financial auditors that the NYISO's controls are accurately presented, suitably designed and operating effectively. The audit reviewed the controls governing the NYISO's marketplace activities, including its market information system, day-ahead and real-time scheduling, bidding and customer settlements.