Texas Utilities Code 39.164 – Audit of Independent Organization Certified for Ercot Power Region
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(a) The commission annually shall have an independent audit made of each independent organization certified under § 39.151 for the ERCOT power region.
(b) An audit under this section must examine:
(1) the independent organization’s financial condition, including the organization’s budget and expenses, and the salaries of the organization’s employees and board members; and
(2) compliance of the independent organization’s assets with all applicable commission standards.
Terms Used In Texas Utilities Code 39.164
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(c) Not later than the 60th day after the date an audit under this section is completed the commission shall:
(1) publish the results of the audit on the commission’s Internet website; and
(2) submit the results of the audit to the state auditor and members of the standing committees of the legislature with primary jurisdiction over the commission.