Topic:"Audit Processes" in M12451

Audit Process The Board shall provide for the conduct of a Fuel Adjustment Mechanism (FAM) audit during the 2023-2024 GRA Period as it deems appropriate. The Board shall have a qualified independent firm conduct the audit. The audit will a...

AI summary The Board will conduct a Fuel Adjustment Mechanism (FAM) audit during the 2023-2024 GRA Period, focusing on NS Power's fuel procurement and recovery under the FAM. The audit will cover financial and management aspects, including the FAM Formula, actual fuel and purchased power costs, and relevant contracts.

Audit Process The Board shall provide for the conduct of a Fuel Adjustment Mechanism (FAM) audit during the 2023-2024 GRA Period as it deems appropriate. The Board shall have a qualified independent firm conduct the audit. The audit will a...

AI summary The Board is required to conduct a Fuel Adjustment Mechanism (FAM) audit during the 2023-2024 GRA Period, involving a qualified independent firm. The audit will cover financial and management aspects of NS Power's fuel procurement and recovery, including the FAM Formula, actual fuel costs, contracts, and management performance over a two-year period.

Pursuant to the FAM Plan of Administration, NSPI's fuel costs are subject to an independent audit. On March 20, 2025, the hearing for the matter of the FAM audit results for fiscal 2022 and 2023 concluded. A decision is expected by the end...

AI summary NSPI's fuel costs are audited under the FAM Plan of Administration. The audit hearing for fiscal years 2022 and 2023 concluded on March 20, 2025, with a decision expected by the end of 2025.

s assessed the performance and independence of Ernst & Young LLP ("EY") and the Board of Directors recommends that EY be re-appointed as auditor of the Company and serve until the next Annual Meeting. The independence of the auditors is of...

AI summary The Board of Directors recommends reappointing Ernst & Young LLP as the Company's auditor, following an assessment of their performance and independence. The Audit Committee conducts annual reviews and a comprehensive review every five years to ensure auditor independence, aligning with CPA Canada and CPAB recommendations. The lead audit partner is rotated every five years, with the current lead partner starting in 2021 and a new one to be selected in 2025.

Management's Responsibility for Financial Reporting The accompanying consolidated financial statements of Nova Scotia Power Inc. ("NSPI" or "the Company") and the information in the Management's Discussion & Analysis ("MD&A") are the respo...

AI summary This document outlines the responsibility of management and the Board of Directors at Nova Scotia Power Inc. for the preparation and approval of consolidated financial statements and the MD&A, in accordance with US GAAP. It also discusses internal controls, audit processes, and the role of external auditors.

BATES WHITE PANEL 1187 Questions, (Deveau) 1 point that out as evidence of potential concern, either 2 with their assumptions, or perhaps there has been 3 something that changed in the fleet that we're not aware 4 of. That's the –– that's...

AI summary The discussion highlights concerns about the lack of detailed backup data from Nova Scotia Power, specifically regarding the PLEXOS data used in their analysis. While there are no significant concerns noted, the absence of hourly data may pose challenges during an audit, particularly in ensuring economic prudence and proper cost allocation.