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2012 SSAE 16 Examination Highlights and Auditor Independence Discussion

This report highlights the key findings of the 2012 SSAE 16 examination and discusses the measures taken to ensure auditor independence. The report will be issued with an unqualified opinion.

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2012 SSAE 16 Examination Highlights and Auditor Independence Discussion

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  1. Tab 4: Results of Examination and Independence Report from the Service Organization Control Auditor Lauren Edmonds, Manager BrightLine CPAs & Associates, Inc. Finance & Audit Committee Meeting ERCOT Public November 12, 2012 1

  2. 2012 SSAE 16 Examination Highlights • SSAE 16 Examination Report is ready for issuance pending F&A Committee approval • The report will be issued with an unqualified opinion • No testing deviations or disclosures were identified

  3. Discussion Topics • ERCOT 2012 SSAE 16 Overview • Auditor Independence

  4. SSAE 16 Overview • Statement on Standards for Attestation Engagements (SSAE) No. 16 examinations, also referred to as SOC 1 examinations, are utilized to report on controls at service organizations that are relevant to user entities’ internal control over financial reporting. • The 2012 SSAE 16 examination examined the Settlement Operations for the period of October 1, 2011, to September 30, 2012 • BrightLine worked with ERCOT process owners to modify control objectives and activities to align with current business processes • 19 Control Objectives were within the scope of the 2012 audit • Audit testing was conducted in two phases – May 2012 and September 2012

  5. Auditor Independence • Professional standards require that CPA firms maintain independence in fact and appearance from their clients.  • To meet this requirement, BrightLine has implemented the following policies and procedures: • Implementation of Quality Control Procedures • Education • Elimination of all consulting services • Prohibition of any direct or materially indirect financial interest in clients by employees or their close relatives • Annual independence verification

  6. Questions and Closing

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