| Thu, 21 Nov 2024
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 | |
|---|---|---|---|---|---|
| Draft Terms of Reference for the 9th Audit of the Market Operations | Call for Comments on the Draft Terms of Reference for the 9th Audit of the Market Operations for the period 26 June 2022 to 25 December 2024 | 13 Nov 2024 | 
DOCX
|
1 MB |
Market Audit Reports
| Title | Description | Date Published | File Type | Size | |
|---|---|---|---|---|---|
| PAC Audit Report on the Audit of Market Systems Enhancements and Tool to Implement the Co-optimized Energy and Reserve Market | This report provides the objectives, scope and results of the Audit of Market Systems Enhancements and Tool to Implement the Co-optimized Energy and Reserve Market. | 07 Oct 2024 | 
PDF
|
25 MB | |
| PAC Audit Report On The 8th MO Audit | This report provides the objectives, scope and results of the 8th Market Operations Audit covering the period 26 December 2019 to 25 June 2022. | 15 May 2024 |
PDF
|
16 MB | |
| 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
|
2 MB | |
| 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
|
1 MB | |
| 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
|
2 MB | |
| 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
|
711 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
|
24 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
|
4 MB | |
| PAC Report On The AMS Audit | Summary Report on the Independent Software Audit of the Accounts Management System (AMS). | 01 Sep 2018 |
PDF
|
489 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
|
3 MB | |
| 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
|
14 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
|
9 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
|
321 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
|
2 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
|
934 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
|
15 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
|
8 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
|
11 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
|
3 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 |
PEMC Updates