IDA AUDIT COMMITTEE MEETING
ENTRANCE CONFERENCE
(OED CONFERENCE ROOM)
January 14, 2010
Start 2:05 PM
Present: Andrew McMahon (Audit Committee Chair), Joseph Weekes, Mark Hall, Andrew
Smith, Donald Hooper, Kimberly Gilbert, Patrick Kelly, and Amber Ball
Audit:
Audit Date: 1/19/2010 – 1/22/2010
New – SAS 112 – States that auditors must be independent, cannot participate in management
decisions. Company must be able to complete their financials independently.
Donald Hooper – With the audit, they are documenting the system of risk. Auditors will also
look at segregation of duties (to eliminate risks).
Andrew Smith - The auditors are checking to make sure things are fairly presented. This is
our first year of auditing all four entities (IDA, IDALDC, LDC, and GMEDF). Auditors will
determine what they’ll audit based on risk assessment.
Based on the risk assessment the auditors will then do appropriate samples of revenues and
expenditures.
Members present had no questions or directions for the audit team.
Meeting Adjourned 2:25 PM