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The Market Rules require the Independent Market Operator (IMO) to appoint a Market Auditor to audit, at least annually:
- The compliance of the IMO’s internal procedures and business processes with the Market Rules;
- The IMO’s compliance with the Market Rules and Market Procedures; and
- The IMO’s market software systems and processes for software management.
The IMO also monitors the compliance of other Market Participants, including System Management, and at least annually the IMO must either:
- require System Management to demonstrate compliance with the Market Rules and Market Procedures by providing such records as are required to be kept under the Market Rules and Market Procedures; or
- subject System Management to an audit by an independent Market Auditor to verify compliance with the Market Rules and Market Procedures.
In 2008, the IMO engaged PA Consulting as the Market Auditor to audit both the IMO’s and System Management’s compliance. PA had also carried out the market compliance audit in 2007.
PA provided the following reports:
| Audit 1 |
Assessment of the IMO’s internal procedures and business processes with the Market Rules, and the IMO’s compliance with the Market Rules and Market Procedures.
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| Audit 2-1 |
Test and certification of WEMS.
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| Audit 2-2 |
Assessment of the IMO’s processes for market software management.
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| Audit 3 |
Assessment of System Management’s internal procedures and business processes with the Market Rules, and of System Management’s compliance with the Market Rules and Market Procedures. |
The reports were provided to the IMO on 10 September 2008. The Market Rules require the IMO to publish the Market Auditor’s reports on the IMO’s compliance within 30 Business Days of receiving them.
The Market Rules give the IMO the option to either accept the reports of the Market Auditor that relate to the IMO, or to prepare its own report setting out those matters raised in the Market Auditor’s report that the IMO accepts and those it does not accept, giving reasons for its views. The IMO is satisfied with the findings of the Auditor in all three reports that relate to the IMO, and does not intend to prepare any report of its own.
Market Compliance Audit Reports History
Compliance Audit Reports from previous years are available here.
This document is published in accordance with Market Rule 2.14.5.
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