Annual Compliance Audit
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 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 2009, 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 and 2008.
PA provided the following reports:
Audit 1 [93kB]
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.
Audit 2 [39kB]
Assessment of the compliance of the IMO's market software systems and the IMO’s processes for software management.
Audit 3 [82kB]
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 1 September 2009. 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 September 2009.
The Market Rules give the IMO and System Management the option to either accept the reports of the Market Auditor that relate to them, or to prepare their own report setting out those matters raised in the Market Auditor’s report that they accept and those they do not accept, giving reasons for their views. 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.