PJM successfully passes SSAE 16 audit

PJM’s market settlement billing controls passed the Statement on Standards for Attestation Engagements (SSAE) 16 Type 2 audit.

Through the SSAE 16 auditing standard, an independent auditor evaluates and issues an opinion about a service organization’s controls. The Type 2 audit that was recently completed includes an opinion from the auditor about the adequacy of design of PJM’s controls and the level of compliance with those controls, as well as a description of the auditor’s tests of operating effectiveness.

PricewaterhouseCoopers conducted the audit, covering the 12-month audit period from Oct. 1, 2015 through Sept. 30, 2016. PwC’s unqualified opinion covered controls related to PJM’s market settlement processes, as well as the information technology infrastructure that supports PJM’s markets.

The SSAE 16 report is designed to provide an understanding of a service organization’s internal controls to the auditors of the companies that use the organization’s services. The audit is performed to satisfy governance rules, such as those in the Sarbanes-Oxley Act of 2002.