Mar 26, 2018
By Michael Kramer
Ontario’s energy minister is downplaying a dispute between the auditor general – and the Crown corporation that manages the province’s electric market – after the auditor called the agency’s accounting practices “bogus” last week.
Minister Glenn Thibeault says concerns raised by Auditor General Bonnie Lysyk – during testimony before a legislative committee – aren’t new – and the practices being used by the Independent Electricity System Operator, are common in other jurisdictions – and endorsed by major auditing firms.
Lysyk said last week that the agency is using “bogus” accounting practices.
Her office launched a special audit of the agency late last year – after it removed key information from its financial statements.
Lysyk says the accounting changes have an impact on the provinces’ deficit – understating it by $1.3 billion – as of the end of 2017.
Lysyk also says the IESO “stalled” her office when it asked for information – and was not co-operative during the audit.