Key Functions
Electric Companies
1) Generation
a) Types of Power Plants
i) Thermal
ii) Nuclear
iii) Renewable Energy
b) Operation
i) Monitoring and Control
ii) Maintenance
c) Capacity Planning
d) Considerations
i) Efficiency
ii) Environmental Compliance
iii) Integration of Renewable
2) Transmission
a) High-Voltage Transmission Lines
b) Substation Operations
c) Grid Management
d) Considerations
i) Transmission Losses
ii) Regulatory Compliance
iii) Interconnection with Other
Grids
3) Distribution
a) Distribution Networks
b) Metering
c) Customer Service
d) Considerations
i) Service Reliability
ii) Billing Practices
iii) Smart Grids
Water Companies
1) Water Supply
a) Sourcing
b) Treatment
2) Distribution
a) Infrastructure Management
b) Metering
3) Wastewater Management
a) Collection and Treatment
b) Environmental Compliance
Telecommunications Companies
1) Network Infrastructure Management
a) Building and Maintaining Networks
b) Upgrading Technology
2) Service Provision
a) Voice and Messaging Services
b) Internet and Data Services
3) Customer Support and Billing
a) Customer Service Operations
b) Billing and Revenue Management
Regulatory
Framework
1) Republic Act No. 9136: Electric Power 1) Republic Act No. 9275: Philippine
Industry Reform Act of 2001 (EPIRA)
Clean Water Act
2) Energy Regulatory Commission
2) Republic Act No. 10149: Governance
3) Republic Act No. 9513: Renewable
Commission for Government-Owned
Energy Act of 2008
or Controlled Corporations Act
3) National Water Resources Board
(NWRB)
1) Republic Act No. 7925: Public
Telecommunications Policy Act of the
Philippines
2) Republic Act No. 10844: Department of
Information and Communications
Technology Act of 2016
3) Consumer Protection and Data Privacy
Laws
Accounting
Standards
1) PFRS 14: Regulatory Deferral
Accounts
2) PAS 16: Property, Plant & Equipment
3) PFRS 15: Revenue from Contracts
with Customers
1) PFRS 15: Revenue from Contracts
with Customers
2) PAS 37: Provisions, Contingent
Liabilities and Contingent Assets
3) PFRS 9: Financial Instruments
1) PFRS 15: Revenue from Contracts with
Customers
2) PAS 16: Property, Plant & Equipment
3) PFRS 9: Financial Instruments
Audit
Objectives
 Financial Statement Assurance
 Regulatory Compliance
 Internal Control Assessment
 Performance Evaluation
 Financial Statement Assurance
 Regulatory Compliance
 Internal Control Assessment
 Performance Evaluation
 Financial Statement Assurance
 Regulatory Compliance
 Internal Control Assessment
Performance Evaluation
Step in
Auditing
1) Planning the Audit
a) Risk Assessment
b) Materiality Determination
2) Internal Control Evaluation
a) Billing Systems
b) Revenue Recognition
c) Compliance with Regulatory
Requirements
3) Substantive Testing
a) Analytical Procedures
b) Test of Details
4) Compliance Testing
5) Final Review and Reporting
1) Planning the Audit
a) Risk Assessment
b) Materiality Determination
2) Internal Control Evaluation
a) Billing Systems
b) Water Quality Management
3) Substantive Testing
a) Analytical Procedures
b) Test of Details
4) Compliance Testing
5) Final Review and Reporting
1) Planning the Audit
a) Risk Assessment
b) Materiality Determination
2) Internal Control Evaluation
a) Billing Systems
b) Network Management
3) Substantive Testing
a) Analytical Procedures
b) Test of Details
4) Compliance Testing
5) Final Review and Reporting
Current Trends  Renewable Energy Integration
 Smart Grid Technology
 Decentralization & Distributed
Generation
 Regulatory Changes
 Infrastructure Investment and
Upgrades
 Sustainability and Water
Conservation Initiatives
 Smart Water Technologies
 Regulatory Changes and Consumer
Protection
 Climate Resilience and Adaption
 Public-Private Partnerships (PPPs)
 5G Rollout and Expansion
 Digital Transformation and Innovation
 Regulatory Changes and Consumer
Protection
 Sustainability Initiatives
 Cybersecurity Concerns