Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 635

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 14
Chunk 635
---
Table of Contents                                                                  

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table shows the fees of Ernst & Young LLP for audit, audit-related, and other services for the years ended September 30, 2025 and 2024:

Principal Accountant Fees and Services(in actual dollars)YearPrincipal AccountantAudit Fees(1)Audit-Related Fees(2)Tax FeesAll Other Fees(3)Total2025Ernst & Young LLP$4,141,357 $806,449 $— $7,200 $4,955,006 2024Ernst & Young LLP3,816,728 131,389 — 7,200 3,955,317 

Notes

(1)  Audit fees consist of payments for professional services rendered in connection with the audit of TVA's annual financial statements, including the annual attestation on internal control over financial reporting; review of interim financial statements included in TVA's quarterly reports; audit of TVA's fuel cost adjustment; federal financial reporting responsibilities for the preparation and audit of the 2025 and 2024 federal consolidated financial statements of which TVA is a component; and Bond offering and other financing comfort letters.

(2)  Audit-related fees primarily reflect pre-implementation assessments related to information technology system upgrades.

(3)  All other fees reflect accounting and financial reporting research software license costs.

The TVA Board has an Audit, Risk, and Cybersecurity Committee ("Audit Committee").  Under the TVA Act, the Audit Committee, in consultation with the Inspector General, recommends to the TVA Board the selection of an external auditor.  TVA's Audit Committee, in consultation with the Inspector General, recommended that the TVA Board select Ernst & Young LLP as TVA's external auditor for the 2025 and 2024 audits and other related services, and the TVA Board approved these recommendations.

    TVA has a policy (the "Policy") that requires all auditing services and permissible non-audit services provided by the external auditor to be pre-approved by the Audit Committee.  The Policy also lists the following services as ones the external auditor is not permitted to perform:

•Bookkeeping or other services related to the accounting records or financial statements of TVA;

•Financial information system design and implementation;

•Appraisal or valuation services, fairness opinions, and contribution-in-kind reports;

•Act