Section 711.8000  Audit Requirement

a)         Carriers shall conduct biennial internal audits, or have internal audits conducted by independent public accountants, of the accounting for the business other than public utility business.  These audits shall test compliance with this Part, with any applicable Commission orders, and with 83 Ill. Adm. Code 710.  The audits shall include written reports of conclusions and associated workpapers that shall be available to the Commission Staff for review.  The audit reports shall be submitted to the Commission’s Manager of Accounting within 30 days after completion.

b)         The initial audit shall be performed in the calendar year following the calendar year in which the carrier is first required to file a cost allocation manual.  The initial audit shall be submitted to the Accounting Manager of the Commission on or before December 1 of that year.  Succeeding audit reports shall be submitted to the Manager of Accounting of the Commission on or before December 1 of each succeeding even numbered year.

(Source:  Added at 27 Ill. Reg. 12388, effective August 1, 2003)