Finance and Audit Committee
The Finance and Audit Committee of the ERCOT Board of Directors oversees ERCOT's budget process and adherence to budget, and provides recommendations to the board for establishing levels of financing and setting ERCOT's fees, including its administrative fee. The committee also reviews ERCOT's credit policies and makes recommendations to the board; ensures that ERCOT's financial statements are properly and effectively audited by qualified independent accountants; evaluates the adequacy and effectiveness of ERCOT’s risk assessment and mitigation policies and practices; assists the board in fulfilling its oversight responsibility with respect to ERCOT’s maintenance of an effective internal audit function; and performs related duties.
The committee's function is one of oversight, recognizing that ERCOT's management is responsible for preparing the company’s financial statements, and the independent auditor is responsible for auditing those statements.
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