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Tim Salvesen
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Tim Salvesen, CPA and Auditor in Illinois
Tim Salvesen, CPA and Auditor in Illinois

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KPMG LLP - A Big 4 Accounting Firm
KPMG LLP - A Big 4 Accounting Firm
timsalvesen.blogspot.com
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GridLiance Enters the Energy Market

Tim Salvesen has accumulated career experience that runs the gamut from operating anti-aircraft missile systems to independent corporate auditing. With titles like Marine Corps sergeant and CPA already on his resume, Tim Salvesen has added those of vice president and controller for GridLiance, a Chicago-based company aiming to redraw the map of the United States power grid.

Across the United States, the majority of electrical power distribution is handled by regional transmission organizations, non-profit companies that take bids for wholesale electrical supply, incorporating generators, transmitters, energy traders, and other groups. The 10 RTOs that exist today were established in the '90s in response to federal regulations meant to encourage competition among power suppliers while allowing open access to power nationwide. While they serve their regions well enough, however, the remaining 40 percent of the United States - most of the southern and mountain states, along with the Pacific northwest - are largely served by individual utility companies.

Launched in 2014, GridLiance bills itself as the first competitive transmission company directed toward developing and operating an infrastructure among public power suppliers, essentially offering to build them into new RTOs. Greater interconnectivity between existing power grids can reduce vulnerability to outages and improve cost and efficiency for power customers, lowering their bills. In addition, the vast majority of wind power suppliers in the United States, located outside of existing RTOs, will be able to carry any surplus energy to more distant load centers. GridLiance’s new business strategy is already underway, having already entered into 30-year development agreements with power utilities in Missouri and Oklahoma.
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Internal and External Audits

Tim Salvesen serves as the vice president of accounting and controller at Chicago-based GridLiance GP, LLC. Before joining GridLiance, Tim Salvesen functioned as a senior manager overseeing audits at two separate companies.

Independent assessments of an activity, audits should be conducted by an experienced neutral party. Although audit types include environmental, operational, and technical, the term is typically used in connection with the appraisal of financial statements.

Financial audits are typically performed to determine whether a company’s financial records and statements have been reported correctly. An auditor’s primary responsibility is to compare and cross-check accounting reports and documents to confirm an organization’s compliance with its own and the state’s guidelines, rules, and standards. Auditing is therefore helpful for identifying errors, fraud, or a company’s performance trend.

An organization can have internal and external auditors. Whereas an internal auditor focuses on a company’s rules and legal attributes, an external auditor concentrates on examining an organization’s accounting records to assess its compliance with standard accounting procedures.
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