Southeastern Federal Power Program Financial Statements, September 30, 1995 and 1994 PDF Download

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Book Description
The attached report presents the results of the independent certified public accountant's audit of the Department of Energy's Southeastern Federal Power Program (SEFPP) financial statements as of September 30, 1995. In the auditor's opinion, SEFPP's statements are fairly presented in all material respects in conformity with generally accepted accounting principles. Their reports on SEFPP's internal control structure and on compliance with laws and regulations are also provided. SEFPP has the responsibility for the Federal electric power production, transmission and disposition of Federal power marketed under the Flood Control Act of 1944 in ten southeastern states. Electricity marketed by SEFPP is generated in power facilities operated by the US Department of Defense, Army Corps of Engineers. Additional information about SEFPP is provided in the notes to the financial statements. The 1995 financial statement audit was made under provisions of the Inspector General Act (5 USC. App.), as amended, the Chief Financial Officer's (CFO) Act (31 USC. 1500), and Office of Management and Budget implementing guidance to the CFO Act. The auditor's work was conducted in accordance with generally accepted government auditing standards. To fulfill our audit responsibilities, we contracted with the independent public accounting firm of KPMG Peat Marwick (KPMG) to conduct the audit for us, subject to our review. The auditor's report on SEFPP's internal control structure disclosed four reportable conditions that require corrective action. The auditor also considered the overview and performance indicator data for completeness and material consistency with the basic financial statements as noted in the internal control report. Furthermore, the auditor's report on compliance with laws and regulations disclosed two material instances of noncompliance which require corrective action.