Sec. 16-32. Annual audit report. - Connecticut Statutes

      Sec. 16-32. Annual audit report. Each public service company, except telegraph companies and express companies subject to the jurisdiction of the Interstate Commerce Commission or its successor agency, shall have an annual comprehensive audit and report made of its accounts and operations by independent public accountants satisfactory to the Department of Public Utility Control. A copy of such annual audit report shall be filed with the department, together with the company's annual report. In the absence of such an audit report, or if the department, after notice and opportunity for a hearing, determines that such audit report is insufficient or unsatisfactory, the department shall cause such an audit to be made at the expense of the company either by independent public accountants satisfactory to the department or by any staff of the department engaged in the activities contemplated by subsection (b) of section 16-8. The department 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.

      (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.)

      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.

      Cited. 174 C. 556.