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Auditing Gas, Electric, and panies
OVERVIEW OF THE INDUSTRY   
(a) Electric Utilities,   
(b) Gas Utilities,   
(c) panies,   
REGULATORY ENVIRONMENT   
(a) Rate-Making Process,   
(b) Rate-Making Formula,   
(i) Cost of Service,   
(ii) Return on Investment,   
(1) Rate Base,   
(2) Rate of Return,   
(iii) Performance-Based Regulation,   
(c) Electric Utilities,   
(d) Gas Utilities,   
(e) panies,   
ACCOUNTING PRINCIPLES FOR RATE-REGULATED ENTITIES   
(a) Interrelationship of Rate Making and Accounting,   
(b) Abandoned Plant Losses and Disallowances,   
(c) Phase-in Plans,   
(d) Group Method Depreciation,   
(e) Allowance for Funds Used During Construction,   
(f) Embedded Regulatory Assets,   
(g) Alternative Revenue Programs,   
(h) OPEB Costs,   
(i) Revenue Subject to Refund,   
(j) Unbilled Revenues,   
(k) Deferred Energy Costs,   
(l) Leases,   
(m) Purchased Power Contracts,   
(n) Long-Term Power Sales Contracts,   
(o) Deferrals of Gains and Losses,   
(p) e Taxes,   
(q) Nuclear missioning Disclosures,   
(r) Financial Statement Presentation,   
(s) Energy Trading Contracts 
(t) Weather Derivatives 
(u) Internal puter Software
RISK FACTORS and AUDIT strategy   
TYPICAL TRANSACTIONS, CONTROLS, AND TESTS OF CONTROLS   
(a) Revenue Cycle,   
(b) Purchasing Cycle,   
(i) Purchases or Construction of Utility Plant,   
(ii) Fuel Purchases,   
(iii) Purchases or Sales of Power,   
(iv) Incurring and Accounting for Costs Through a Work-Order System,   
SUBSTANTIVE TESTS   
(a) Allowance for Funds Used During Construction,   
(b) Regulatory Assets,   
(c) Unbilled Revenues,   
(d) Deferred Costs,   
(e) Analytical Procedures,   
OVERVIEW OF THE INDUSTRY
Historically, electric, gas, and panies were granted monopoly status within a designated service area because those services were considered essential to the public welfare and an exclusive franchise ach