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120958 1 (1983-03-22)

handle is hein.gao/gaobacxvs0001 and id is 1 raw text is: r ., - 4 Su MAR 2 2 1983 RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION Mr. Russell E. Faudree, Jr. Acting Chief Accountant, Federal Energy Regulatory Commission 120958 Dear Mr. Faudree: Subject: Efficiency and Effectiveness of OCA Audits of Compliance with Uniform Systems of Accounts We have completed a review of the Office of the Chief Accountant (OCA), Federal Energy Regulatory Commission (FERC), regarding-its audits of re-gulated firms' compliance with FERC's Uniform Systems of Accounts. We found that it needs to make a more thorough documentation of its evaluation of the reliance that should be placed on audit work performed by independent certified public accountants (CPAs). We also found indications that the documented evaluation could lead to a reduction in OCA's financial and compliance audit work because, without fully docu- menting the need, OCA auditors duplicated the CPAs' work, but the resulting adjustments required by OCA had little or no effect on subsequent rates approved by FERC. OBJECTIVES, SCOPE AND METHODOLOGY The objective of our review was to evaluate the economy and efficiency of OCA audits of regulated firms because this is where OCA spends the majority of its staff time. Our review was based on interviews of officials and staff in the Offices of --the Chief Accountant (both in headquarters and Region IV in San Francisco, Ca.), --Electric Power Regulation, --Pipeline and Producer Regulation, and --Administrative Law Judges. (309342) UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 6 657 -5- C 3 ? /-;1UL1`z:M '7.0, 4 4 Q Q %.4-W I %., I I

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