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Internal Audit Pass

Argus Natural Gas Americas report passes internal audit

1.  In accordance with its internal compliance procedures, and in line with FERC requirements for price reporting agencies, Argus has performed an internal audit of the price reporting activities in the Argus Natural Gas Americas report. The audit found no issues with the price reporting process or with the accuracy of the indexation and has therefore awarded a "pass" to the report.

2.  The audit took place on Friday 6th May 2011.

3.  The audit was designed to review the compliance processes and procedures set out in Argus' internal manuals for market reporting and methodological compliance. It aims to ensure that the price reporting complies with the published methodology for the Argus Natural Gas Americas report.

4.  The audit covered the following areas:

  • Internal code of conduct and ethics compliance
  • Index construction according to the stated methodology
  • Business continuity procedures and practices
  • Documentation and record-keeping
  • Corrections procedure and practice
  • Methodology updates

5.  The audit found no significant issues with any of the areas covered.

6.  The audit was part of a wider audit of the Argus Washington DC bureau. A copy of the report is available on a confidential basis on request from Argus.

Argus Media Inc.