Annual Compliance Audit

At least once a year the IMO appoints a Market Auditor to audit:

• 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 Rule Participants, including System Management. At least once a year the IMO must either:

• require System Management to provide records to demonstrate its compliance with the Market Rules and Market Procedures; or
• arrange for System Management to undergo an audit by an independent Market Auditor.

In 2012, the IMO engaged PA Consulting as the Market Auditor to audit both the IMO’s and System Management’s compliance.  PA had carried out the market compliance audits since 2007.

PA provided the following reports:

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.

Assessment of the compliance of the IMO's market software systems and the IMO’s processes for software management.

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 16 October 2012. 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 reports were published on 21 November 2012.

The IMO and System Management each have the option to either accept the reports of the Market Auditor that relate to them, or to prepare their own report on matters that they accept and those they do not accept. Neither the IMO nor System Management intends 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.