(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 § 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.

Terms Used In Connecticut General Statutes 16-32

  • Authority: means the Public Utilities Regulatory Authority and "department" means the Department of Energy and Environmental Protection. See Connecticut General Statutes 16-1
  • Public service company: includes electric distribution, gas, telephone, pipeline, sewage, water and community antenna television companies and holders of a certificate of cable franchise authority, owning, leasing, maintaining, operating, managing or controlling plants or parts of plants or equipment, but shall not include towns, cities, boroughs, any municipal corporation or department thereof, whether separately incorporated or not, a private power producer, as defined in §. See Connecticut General Statutes 16-1
  • Telephone company: means a telecommunications company that provides one or more noncompetitive or emerging competitive services, as defined in §. See Connecticut General Statutes 16-1

(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.