The SEM Committee has today, 09 February 2024, published the Trading and Settlement Code Terms of Reference for the Market Audit 2023 Decision Paper.
This paper sets out the terms of reference that the SEM Committee has determined for the Trading and Settlement Code Market Audit 2023, following the publication of the consultation paper on the proposed terms of reference (SEM-23-090) and subsequent review of the two responses received.
Having considered the responses, the SEM Committee has decided the following for the Market Audit 2023:
• To cover the period from 01 January 2023 to 31 December 2023.
• To implement a Core SEMO Audit without expansion.
• To apply the ISAE 3000 Assurance Opinion reporting approach.
• To maintain the materiality level at 0.5% of the estimated annual market value of electricity traded in the relevant markets.
The SEM Committee will engage with the Market Auditor on the Market Audit 2023. Subject to approval by the SEM Committee, the final audit report will be published on the SEMO website and presented to the industry at the SEM TSC Modifications Committee in due course.