Substitute House Bill No. 7106
Public Act No. 17-45
AN ACT CONCERNING AUDIT REPORTS FILED WITH THE PUBLIC UTILITIES REGULATORY AUTHORITY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 16-32 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
[Each] (a) Except as provided in subsection (b) of this section, each public service company shall have an annual comprehensive audit and report made of its accounts and operations by independent public accountants satisfactory to the Public Utilities Regulatory Authority. A copy of such annual audit report shall be filed with the authority, together with the company's annual report. In the absence of such an audit report, or if the authority, after notice and opportunity for a hearing, determines that such audit report is insufficient or unsatisfactory, the authority shall cause such an audit to be made at the expense of the company either by independent public accountants satisfactory to the authority or by any staff of the authority engaged in the activities contemplated by subsection (b) of section 16-8. The authority may waive the compliance with the provisions of this section by any public service company whose annual gross income is less than one hundred thousand dollars.
(b) In lieu of the audit and report described in subsection (a) of this section, a telephone company may elect to file with the Public Utilities Regulatory Authority the annual consolidated report on Securities and Exchange Commission Form 10-K that the parent company of the telephone company submits to said commission, provided such report includes an independently audited financial statement of the parent company. A telephone company serving more than seventy-five thousand customers shall also file with the authority unaudited financial statements regarding operations specific to the state of Connecticut.
Approved June 13, 2017