FY 2025-2026 Annual
Audit Progress Update
Finance, Administrative, and
Procurement Subcommittee
September 9, 2026
Audit Timeline & Expected Deliverables
2 Expected Deliverables at November Board Meeting
• Final Audited Financial Statements with notes and transmission letter • Budget to Actuals for Fiscal Year 2025-2026
• Net Revenue Allocations
• State of Reserves & Rate Stabilization Fund
6/30/2026 9/7/2026 9/14/2026 9/21/2026 9/28/2026 10/5/2026 10/12/2026 10/19/2026 10/26/2026 11/2/2026 7/6/2026 9/11/2026 9/18/2026 9/25/2026 10/2/2026 10/9/2026 10/16/2026 10/23/2026 10/30/2026 11/6/2026 Transition of Fiscal Year
Audit Kickoff 7/29/2026
Delivery of Key Documents
Delivery of Trial Balances 9/11/2026
Testing & Review
Bank Confirmations Issue Return
Legal Confirmations Issue Return
Draft Financial Statements 10/9/2026
Audit Documents Draft
Opinion
Staff Review Auditor
Review
Final Opinion Finalize BOD
Items
Delivery to
CPs
Ad-Hoc Committee 8/14/2026 TBD
FAP/Board Meetings 10/21/2026 10/28/2026 11/18/2026
Completed Current Behind
On track/Scheduled Delayed/Deferred/Unscheduled
July August November
Audit is currently underway and expected to be completed by the November 18th Board meeting.
Ava Financial Audit Process
3 • Ava’s annual financial audit starts at the end of each fiscal year and is typically completed within 180 days (December 27th), as per contractual obligations with certain energy counterparties and the credit facility, currently held with PNC Bank. ▪ The financial audit confirms the financial accuracy of Ava’s financial statements and accounting processes by reviewing transactions, controls, processes, contractual agreement compliance, and other relevant aspects in a manner according to the Generally Accepting Accounting Principles (GAAP) methodology. • An ad-hoc committee is formed from current Board members to confer with the auditor independent of staff involvement to ensure adequate controls and diligence. • The results of the audit will be presented to the Board as an informational item by the auditor. Staff is currently targeting the November meeting for presentation, ahead of deadline.
▪ Based on the final results of the audit, information regarding actuals to budget and the revenue surplus will also be presented by staff.