To the Board of Directors of the Tennessee Valley Authority:
The Tennessee Valley Authority (TVA) contracted with the independent certified public accounting firm of PricewaterhouseCoopers LLP (PricewaterhouseCoopers) to audit the balance sheets (power program and all programs) as of September 30, 2003 and 2002, and the related statements of income (power program), changes in proprietary capital (power program and nonpower programs), comprehensive income (power program), net expense and comprehensive loss (nonpower programs) and cash flows (power program and all programs) for each of the three years in the period ended September 30, 2003. The contract required the audit be done in accordance with generally accepted government auditing standards.
Under the Inspector General Act, the Office of the Inspector General (OIG) is responsible for taking appropriate steps to assure any work performed by nonfederal auditors, including PricewaterhouseCoopers, complies with generally accepted government auditing standards. The Chief Financial Officers Act also places responsibility on the Office of the Inspector General regarding TVA’s annual financial statement audit. In keeping with our statutory responsibilities, we reviewed PricewaterhouseCoopers’ report and related audit documentation, interviewed their representatives, and performed such other procedures as we deemed appropriate in the circumstances to provide reasonable assurance the audit was performed in accordance with generally accepted government auditing standards.
The objective of our review was not intended to enable us to express, and we do not express, an opinion on TVA’s financial statements or on management’s conclusions about the effectiveness of its system of internal control. PricewaterhouseCoopers is responsible for the auditor’s report dated January 23, 2004, and the conclusions expressed in the report. However, our review disclosed no instances where PricewaterhouseCoopers did not comply, in all material respects, with generally accepted government auditing standards. Our review was performed in accordance with generally accepted government auditing standards.
 |
Richard W. Moore
Inspector General
February 4, 2004 |
|
|
|
