Accounting specialist claims Corporation Commission audits of utility storm spending are not in accordance with state law

Accountant Supports Commissioner’s Criticism of Winter Storm Audit

Renowned Accountant Supports Oklahoma Corporation Commissioner’s Criticism of Winter Storm Audit

In a recent development, esteemed accountant David Greenwell has come forward to support Oklahoma Corporation Commissioner Bob Anthony’s criticism of the 2021 winter storm audit conducted on spending by utilities. Greenwell, a former chairman of the Oklahoma Accountancy Board and a 2020 inductee into the Oklahoma Accounting Hall of Fame, raised concerns about the audit process not meeting the requirements of state law.

The audit in question pertains to the spending by utilities such as OG&E, ONG, PSO, and Summit during the February 2021 winter storm, which led to the issuance of securitization bonds to pass on the expenses to ratepayers for over 25 years. The total cost of the bonds, including principal, interest, issuance, and ongoing costs, is estimated to be near $5 billion, as per Commissioner Anthony.

Greenwell, a Certified Fraud Examiner and Certified in Financial Forensics, highlighted that none of the audits conducted by the Oklahoma Corporation Commission were carried out by independent, licensed CPAs as required by state law. He emphasized the importance of a lawful audit in determining the fairness and prudence of the expenses incurred by the utilities.

Commissioner Anthony has been vocal in his criticism of the audit activities of the Public Utility Division of the Corporation Commission, raising concerns about discrepancies in issuance costs and the lack of transparency in the process. Greenwell’s support adds weight to Anthony’s claims and calls for a thorough examination of the audit practices at the Corporation Commission.

The involvement of a respected figure like David Greenwell in this matter brings a new perspective to the ongoing debate over the winter storm audit. As the controversy continues to unfold, stakeholders and ratepayers are looking towards a resolution that ensures accountability and transparency in the utility spending process.