New Mexico Administrative Code
Title 17 - PUBLIC UTILITIES AND UTILITY SERVICES
Chapter 3 - UTILITIES FINANCIAL ACCOUNTING AND REPORTING-GENERAL PROVISIONS
Part 360 - PROCEDURES FOR THE AUDIT AND EXAMINATION OF UTILITY BOOKS AND RECORDS OF ACCOUNTS
Section 17.3.360.6 - OBJECTIVE
Current through Register Vol. 35, No. 18, September 24, 2024
A. NMPSC Rule 360 [17.3.360 NMAC] is intended to formalize the procedures to be followed by the Commission for the audit and examination of the books and records of a utility in order to insure that all utilities subject to the jurisdiction of the Commission are uniformly and correctly maintaining their accounting records in conformance with the Uniform System of Accounts as established and prescribed by the NMPSC Code of Rules and Regulations or as otherwise directed by the Commission.
B. An audit or examination undertaken by the Commission pursuant to Rule 360 [17.3.360 NMAC] is for the purpose of accumulating and evaluating evidence regarding quantifiable accounting information related to a specific utility in order to determine and report on the degree of correspondence between the quantifiable accounting information and the established criteria for the maintenance of that utility's records under the uniform system of accounts as prescribed for such utility.
C. The audit and examination procedures established by this rule are designed to review state utility regulatory information necessary for the Commission to carry out its duties as authorized by the Public Utility Act, NMSA 1978 Sections 62-3-2, et. seq., and are not intended to supersede or duplicate financial audits by any federal or other state regulatory agency which any utility is required to undergo by law.
