§ 16-32 — Annual audit report.

Connecticut § 16-32

• Jurisdiction: Connecticut
• Title 16: Public Service Companies
• Ch. 277: Department of Energy and Environmental Protection. Public Utilities Regulatory Authority. Office of Consumer Counsel. Miscellaneous Provisions

Text

(a) Except as provided in subsection (b) of this section, each public service company shall have an annual comprehensive audit and report made of its accounts and operations by independent public accountants satisfactory to the Public Utilities Regulatory Authority. A copy of such annual audit report shall be filed with the authority, together with the company's annual report. In the absence of such an audit report, or if the authority, after notice and opportunity for a hearing, determines that such audit report is insufficient or unsatisfactory, the authority shall cause such an audit to be made at the expense of the company either by independent public accountants satisfactory to the authority or by any staff of the authority engaged in the activities contemplated by subsection (b) of section 16-8. The authority may waive the compliance with the provisions of this section by any public service company whose annual gross income is less than one hundred thousand dollars. (b) In lieu of the audit and report described in subsection (a) of this section, a telephone company may elect to file with the Public Utilities Regulatory Authority the annual consolidated report on Securities and Exchange Commission Form 10-K that the parent company of the telephone company submits to said commission, provided such report includes an independently audited financial statement of the parent company. A telephone company serving more than seventy-five thousand customers shall also file with the authority unaudited financial statements regarding operations specific to the state of Connecticut.

Legislative History

(1949 Rev., S. 5422; 1967, P.A. 141; 1969, P.A. 195; P.A. 75-486, S. 14, 69; P.A. 77-222; 77-614, S. 162, 610; P.A. 80-482, S. 69, 348; P.A. 82-252, S. 2; P.A. 89-291, S. 3, 8; P.A. 96-222, S. 19, 41; P.A. 11-80, S. 1; P.A. 14-134, S. 30; P.A. 17-45, S. 1.) History: 1967 act changed limit on gross income for waiver from $3,000 to $5,000; 1969 act raised limit to $10,000; P.A. 75-486 replaced public utilities commission with public utilities control authority and added provisions for additional audit performed by independent auditors or authority staff if report found to be insufficient or unsatisfactory; P.A. 77-222 raised gross income limit to $25,000; P.A. 77-614 replaced the authority with division of public utility control within the department of business regulation, effective January 1, 1979; P.A. 80-482 made division of public utility control an independent department and deleted reference to abolished department of business regulation; P.A. 82-252 deleted obsolete reference to railroad companies and increased annual gross income of companies that may be excluded from section provisions, from under $25,000 to under $50,000; P.A. 89-291 increased annual gross income requirement to $100,000, effective July 1, 1989, and applicable to audits covering fiscal years commencing on or after January 1, 1989; P.A. 96-222 inserted “or its successor agency” after “Interstate Commerce Commission”, effective July 1, 1996; pursuant to P.A. 11-80, “Department of Public Utility Control” and “department” were changed editorially by the Revisors to “Public Utilities Regulatory Authority” and “authority”, respectively, effective July 1, 2011; P.A. 14-134 deleted reference to telegraph companies and express companies, effective June 6, 2014; P.A. 17-45 designated existing provisions re annual audit and report as Subsec. (a), added Subsec. (b) re telephone company may elect to file annual consolidated report on Securities and Exchange Commission Form 10-K, effective June 13, 2017. Cited. 174 C. 556.