Nexant, Inc.

As part of our annual audit plan, we audited costs billed to the Tennessee Valley Authority (TVA) by Nexant, Inc., for commercial and industrial energy efficiency services. Our audit included $63.6 million in costs paid by TVA between December 29, 2009, and March 21, 2014. Our objective was to determine if the costs billed to TVA were in compliance with the contract's terms and conditions. In summary, we determined Nexant overbilled TVA an estimated $431,846, including:$269,009 in subcontractor costs.An estimated $144,570 in labor costs.An estimated $18,267 in travel costs.Additionally, we found TVA overpaid $67,189 in incentive payments of which Nexant has refunded $15,685. Summary Only