RVOR-16 - Audit, Compliance and Insurance for Contract Management Activities

The objective of the compliance audit program is to provide reasonable assurance that the IESO and its contracted counterparties are compliant with their respective contractual obligations pursuant to IESO’s Contract Management contracts.
These compliance audits will be conducted to ensure programs and contracts are being delivered consistently and that electricity savings paid for by the ratepayer are realised. In addition, the compliance audits prevent, detect and report known or suspected fraud and abuse or other forms of misconduct that might expose the IESO to significant criminal and civil liability. The audits will be conducted annually.

The key deliverables provided by the VOR will be:

• The VOR will provide summary findings after each site visit for the individual projects as well as an overall Key Parameter Verification Final Audit Report. This final report will summarize the audit results and make any needed recommendations. It will be provided in confidence to the IESO in draft and final versions.
• In carrying out the work, the VOR must ensure that their staff maintains objectivity by remaining independent of the activities they audit.
• On a mutually agreed basis, the VOR shall meet with the IESO audit committee or delegate(s) to report on progress of the work.
• The VOR should seek to identify serious occurrence of non-compliance during site visits which must be reported immediately to the IESO.