Information for auditors, accredited persons and relevant entities about VEU assurance and compliance audits and auditing of annual energy acquisition statements.
VEU Audit
Assurance audits for accredited persons – new requirement from 1 July 2024
Under changes to the Victorian Energy Efficiency Act 2007, accredited persons in the Victorian Energy Upgrades program are now required to undergo an independent assurance audit at least once every two years. Accredited persons may also be subject to compliance audits in certain circumstances.
The assurance and compliance audits ensure accredited persons comply with regulatory standards and strengthen the program's delivery of cost-saving outcomes to Victorian consumers.
Key information about assurance audits
- The commission will, at least every 12 months, review and update the assurance audit schedule.
- Accredited persons are required to use an auditor on our approved assurance auditor list on this page and cover the costs associated with the audit, including auditor fees.
- The audit scope seeks to balance the need for a representative activity sample size, with the cost and time impost on the accredited person.
Current assurance audit schedule, scope and requirements
The current assurance audit schedule covers from July 2024 to July 2026 and can be accessed below. The schedule outlines the month when accredited persons can expect a notice requiring them to undertake an assurance audit.
As this is the first time assurance audits will be conducted, we will contact accredited persons included in the first, and then subsequent waves, of audits with more details of what to expect. The notice of assurance audit will specify the timeframe in which the assurance audit report must be provided to the commission. For the initial assurance audits, this will generally be approximately 3 months from the date of the notice of assurance audit.
The independent auditor list will be available on this page in mid-July 2024 prior to the first wave of assurance audit notices being issued.
The frequently asked questions on this page provide more information about assurance audits, scope, requirements and expectations.
Annual acquisition statement audits for energy retailers
Energy retailers (relevant entities) are required to have their annual acquisition statements audited prior to submission to the commission.
Audits must be conducted by an auditor approved by the commission and listed in the document on this page. Please note: the independent auditor list is currently being updated and will be available from mid-July 2024.
When selecting an auditor, the accredited person or the relevant entity must select an auditor that is approved to conduct the specified audit. The types of audits that the auditors are approved to undertake will are detailed in the list of independent auditors.