| Fri, 26 Apr 2024

Market Audit

Market Audit
Market Governance
Market Audit

In order to reinforce the Market Participants' confidence in the transparency and adequacy of the operation of the WESM, the PEM Audit Committee (PAC) conducts, coordinates and supervises the independent audits of the operations, processes and systems of the market, the Market Operator and the Central Registration Body (CRB). The PAC, in consultation with Metering Service Providers (MSP), also reviews the security arrangements and requirement of WESM and Retail metering installations.

To ensure sufficient and adequate expertise, the PAC engages, through PEMC, the services of qualified independent persons, firms and/or consortiums, who shall act as the External Auditor for the said audit and metering review.

The first operational audit on the systems and procedures of the Market Operator was conducted in 2010 while the first metering arrangements review on WESM and retail MSPs was conducted in 2012.

Market Audit Activities
Title Description Date Published File Type Size
Terms Of Reference For 4th RMIA Updated Terms Of Reference For 4th Review Of Metering Installations and Arrangements for the period 26 June 2016 to 25 June 2022 28 Oct 2022 DOCX 1 MB
Draft Terms of Reference for 8th MO Audit Draft Terms of Reference (TOR) for the Audit of the Market Operations and Market Monitoring and Assessment for the period 26 December 2019 to 25 December 2021 20 Dec 2021 DOCX 1 MB
Terms Of Reference For Joint 7th MO Audit And 4th RMIA Updated Terms Of Reference For Joint Conduct Of 7th Market Operations Audit And 4th Review Of Metering Installations and Arrangements. 04 May 2020 PDF 165 KB
Project Brief For Joint Conduct Of 7th MO Audit And 4th RMIA Project Brief For Joint Conduct Of 7th Market Operations Audit And 4th Review Of Metering Installations and Arrangements. 14 Nov 2019 PDF 788 KB
Draft Terms Of Reference For Joint 7th MO Audit And 4th RMIA Draft Terms Of Reference For Joint Conduct Of 7th Market Operations Audit And 4th Review Of Metering Installations and Arrangements. 14 Oct 2019 DOCX 187 KB
Market Audit Reports
Title Description Date Published File Type Size
PAC Audit Report On NSS/NSD Audit for the Fourth Quarter Period This report provides the objectives, scope and results of the Audit of Net Settlement Surplus/ Net Settlement Deficit for the period 26 September to 25 December 2021. 12 Dec 2023 PDF 239 KB
PAC Audit Report On NSS/NSD Audit for the Third Quarter Period This report provides the objectives, scope and results of the Audit of Net Settlement Surplus/ Net Settlement Deficit for the period 26 June to 25 September 2021. 12 Dec 2023 PDF 246 KB
PAC Audit Report On NSS/NSD Audit for the Second Quarter Period This report provides the objectives, scope and results of the Audit of Net Settlement Surplus/ Net Settlement Deficit for the period 26 March to 25 June 2021. 12 Dec 2023 PDF 255 KB
PAC Audit Report On NSS/NSD Audit for the First Quarter Period This report provides the objectives, scope and results of the Audit of Net Settlement Surplus/ Net Settlement Deficit for the period 26 November 2019 to 25 March 2021. 05 Jan 2023 PDF 255 KB
PAC Audit Report On Market Systems Enhancements Audit This report provides an executive summary of the results of the independent software certification audit of enhancements to the Accounts Management System, Central Registration and Settlement System, Market Management System, and Interim Tools. 20 Dec 2022 PDF 504 KB
PAC Audit Report on Additional Compensation Tool for MRU Reconciled Intervals This report provides an executive summary of the results of the independent software audit of the MRU Tool used by the Market Operator for the calculation of additional compensation of generators which were reclassified from "Not MRU" to "MRU". 29 Apr 2022 PDF 576 KB
PAC Audit Report on PREMS Audit and VAPT This report provides an executive summary of the results of the independent software audit and vulnerability assessment and penetration testing of the Philippine Renewable Energy Market System. 28 Dec 2021 PDF 1 MB
PAC Audit Report on NMMS and CRSS Enhancements Audit This report provides an executive summary of the results of the independent software audit of the NMMS and CRSS enhancements in compliance to the ERC Decision promulgated on 29 December 2020. 07 Sep 2021 PDF 444 KB
PAC Audit Report on the 7th MO Audit This report provides the objectives, scope and results of the 7th Market Operations Audit covering the period 26 June 2016 to 25 December 2019. 06 Sep 2021 PDF 723 KB
Audit Report On The AMS Enhancements Audit Summary Report on the Software Certification Audit of the Enhancements to the Accounts Management System of IEMOP. 16 Dec 2020 PDF 1 MB
Audit Report On The NMMS and CRSS Summary Report on the Independent Software Audit of the New Market Management System (NMMS) and Central Registration Settlement System (CRSS) for the Enhanced WESM Design and Operations. 22 Oct 2020 PDF 6 MB
Audit Report On The NSS Tool and CRSS-NSS Module Summary Report on the Independent Software Audit of the Enhancements to the NSS/NSD Tool for the 1-Hour Market and Enhanced CRSS-NSS Module for the 5-Minute Market based on the ERC Resolutions Adopting Amendments to the Rules for the Distribution of NSS. 22 Oct 2020 PDF 572 KB
PAC Report On The AMS Audit Summary Report on the Independent Software Audit of the Accounts Management System (AMS). 01 Sep 2018 PDF 484 KB
PAC Report On The CRSS Audit Summary Report on the Independent Software Audit of the Central Registration and Settlement System (CRSS). 01 Sep 2018 PDF 958 KB
PAC Report On The 6th MO Audit Summary Report on the 6th Independent Audit of the Systems, Procedures and Performance of the Market Operator. 01 Sep 2018 PDF 4 MB
PAC Report On 3rd Metering Review Summary Report on the 3rd Independent Review of Metering Installation and Arragement in the WESM. 01 Sep 2018 PDF 2 MB
PAC Report On The 5th MO Audit Summary Report on the 5th Independent Audit of the Systems, Procedures and Performance of the Market Operator. 01 Sep 2015 PDF 372 KB
Summary Report On The 5th MO Audit External Auditor's Final Summary Report on the 5th Indepedent Audit of the Systems, Procedures and Performance of the Market Operator. 01 Sep 2015 PDF 1 MB
Summary Report On The 2nd Metering Review External Auditor's Final Summary Report on the 2nd Independent Review of Metering Arrangement in the WESM. 01 Apr 2015 PDF 2 MB
Summary Report On The 4th MO Audit External Auditor's Final Summary Report on the 4th Independent Audit of the Systems, Procedures and Performance of the Market Operator (26 June 2012 to 25 June 2013). 15 May 2014 PDF 581 KB
PAC Report On The 4th MO Audit Summary Report on the 4th Independent Audit of the Systems, Procedures and Performance of the Market Operator (26 June 2012 to 25 June 2013). 01 May 2014 PDF 959 KB
2013 TOD Software Certification 2013 PA Certification of TOD Software. 17 Jan 2014 PDF 117 KB
2013 PSM Software Certification 2013 PA Certification of PSM Software. 17 Jan 2014 PDF 56 KB
2013 Market Settlements Software Certification 2013 PA Certification of Market Settlement Software. 17 Jan 2014 PDF 122 KB
2013 Metering Software Certification 2013 PA Certification of Metering Software. 17 Jan 2014 PDF 119 KB
2013 MDOM Software Certification 2013 PA Certification of the Market Dispatch Optimization Model Software. 17 Jan 2014 PDF 118 KB
PAC Report On The 1st Metering Review Summary Report on the 1st Independent Review of Metering Arrangement in the WESM. 01 Apr 2013 PDF 3 MB
Summary Report On The 1st Metering Review External Auditor's Final Summary Report on the 1st Independent Review of Metering Arrangement in the WESM. 19 Mar 2013 PDF 24 MB
PAC Report On The 3rd MO Audit Summary Report on the 3rd Independent Audit of the Systems, Procedures and Performance of the Market Operator (26 June 2011 to 25 June 2012). 01 Feb 2013 PDF 3 MB
Summary Report On 2012 Market Audit External Auditor's Final Summary Report on 2012 Independent Audit. 12 Dec 2012 PDF 433 KB
2012 Market Settlements Software Certification 2012 PA Consulting Certification of Market Settlement Software. 01 Nov 2012 PDF 167 KB
2012 MDOM Software Certification 2012 PA Consulting Certification of the Market Dispatch Optimization Model Software. 01 Nov 2012 PDF 100 KB
PAC Report On The 2nd MO Audit Summary Report on the 2nd Independent Audit of the Systems, Procedures and Performance of the Market Operator (26 June 2009 to 25 June 2011). 01 Oct 2011 PDF 1 MB
2011 MDOM Software Certification 2011 PA Consulting Certification of the Market Dispatch Optimization Model Software. 30 Sep 2011 PDF 77 KB
2011 Market Settlements Software Certification 2011 PA Consulting Certification of Market Settlement Software. 30 Sep 2011 PDF 76 KB
Summary Market Audit Report External Auditor's Final Summary Report on Independent Operation Audit of the Systems and Procedures on Market Operations. 30 Sep 2011 PDF 1 MB
PAC Report On The 1st MO Audit Summary Report on the 1st Independent Audit of the Systems, Procedures and Performance of the Market Operator (01 July 2007 to 25 June 2009). 01 Dec 2010 PDF 142 KB
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