Sign in Subscribe
Social services

Regulatory Update: Chippewa Valley Electric Cooperative's Compliance with 2005 Wisconsin Act 141

Strategic Insights

— 1 min read

The Public Service Commission of Wisconsin has released a regulatory update regarding the compliance of Chippewa Valley Electric Cooperative with the 2005 Wisconsin Act 141. The update is based on an agreed-upon procedures engagement conducted by independent certified public accountants. The report examines the cooperative's financial records, internal controls, and compliance with state laws and regulations regarding the Act.

Key Takeaways:

  • The cooperative's management is responsible for its financial records, internal controls, and compliance with state laws and regulations regarding the Act.
  • The agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
  • The engagement was not an examination or review, and the auditors did not express an opinion on the specified elements, accounts, or items.
  • The report is intended solely for the information and use of the Board of Directors, management, and the Public Service Commission of Wisconsin.
  • No findings were reported based on the procedures performed, which included examining commitment to community (CTC) annual reports, CTC financial summaries, CTC revenues, CTC expenditures, energy savings, and other program expenditures.

Statistics:

  • Ten customer bills were randomly selected to verify tariff rates and calculate revenues (CTC Revenues 1).
  • Ten total energy conservation amounts were selected to test expenditures (CTC Expenditures 2).
  • No discrepancies were reported in the summary of computed revenues compared to actual revenues (CTC Revenues 4).
  • The internal cost allocation did not exceed 5% of total annual revenues (CTC Expenditures 1).
  • The auditor tested 10 energy conservation amounts, including other program expenditures (CTC Expenditures 2).

Sources:

  • Public Service Commission of Wisconsin
  • Chippewa Valley Electric Cooperative annual reports
  • American Institute of Certified Public Accountants (AICPA) attestation standards
  • 2005 Wisconsin Act 141

Read more