Russell Hissom, partner on the energy and utilities team, has been with Baker Tilly Virchow Krause, LLP since 1983. He has extensive experience with contract compliance audits under jointly owned electric generation contracts, overhead cost allocation studies, enterprise risk management implementation projects, benchmarking studies, work order asset management implementation projects, construction cost reviews, management audits, financial and compliance audits of electric utilities. Russ also specializes in enterprise risk advisory and internal audit services, software selection and implementation projects, business process and controls reviews, operational reviews and scorecard and metrics reporting. He provides specialized risk management, operational and financial training courses for utilities and public sector organizations.
Experience
- Performs management audits that analyze key business processes of utility operations to determine and recommend greater efficiencies
- Performs benchmarking analyses, overhead cost allocation studies and utility financial performance projects
- Assists public sector organizations in developing benchmark and scorecard reporting
- Performs enterprise risk management implementation projects
- Provides internal audit and enterprise risk advisory services
- Provides internal audit and enterprise risk advisory services
- Evaluates energy procurement and trading practices and recommends policy and process improvements
- Develops internal controls reviews under the COSO internal control framework
- Serves as partner-in-charge of financial audits for electric, water, wastewater, gas and communications utilities as well as public sector enterprise funds (electric, water, wastewater, gas and communications)
- Serves as partner-in-charge of financial audits for electric, water, wastewater, gas and communications utilities as well as public sector enterprise funds (electric, water, wastewater, gas and communications)
- Analyzes revenue requirements and performs cost of service studies and rate design for electric, water, wastewater, gas and communications utilities
- Serves as an expert witness before regulatory bodies in utility rate proceedings
- Performs work order asset management and FERC/NARUC accounting implementation projects
- Performs specialized training for utilities in the areas of enterprise risk management programs, work order asset management systems, internal audit programs and accounting standards implementation
- Authors numerous articles related to the utility industry
Involvement
- American Institute of Certified Public Accountants (AICPA)
- American Public Power Association (APPA)
- Institute of Internal Auditors
- Illinois Municipal Utilities Association
- ISACA (formerly Information Systems Audit and Control Association)
- Sustainability Accounting Standards Board Energy Standards Group
- Other national and state public sector and utility organizations
Thought Leadership
- National speaker for the energy industry on enterprise risk management, work order business process improvements, business process reviews and industry accounting topics
- “Enterprise resource planning system selection best practices,” APPA, 2017 (co-author)
- “Enterprise risk management: managing risk and guiding strategy,” Texas Public Power Association Annual Meeting, 2017
- “Enterprise risk management: tools and tips,” APPA Business & Financial Conference, 2017
- “GASB issues guidance for recording asset retirement obligations,” bakertilly.com, 2017
- “Maintaining or improving your utility's bond rating,” APPA webinar, 2017
- “Maximizing the value of your financial statements,” APPA webinar, 2017
- “Using information technology benchmarks to evaluate your IT resources,” APPA webinar, 2017
- “Developing a performance management program: monitoring contractor/joint power plant owner performance,” APPA Business & Financial Conference, 2016
- “Developing and implementing utility succession planning,” APPA National Conference, 2016
- “GASB issues guidance for recording asset retirement obligations,” bakertilly.com, 2017
- “Governmental Accounting Standards Board issues exposure draft on lease accounting,” bakertilly.com, 2016
- “Maximizing the value of your financial statements,” APPA, 2016
- “Preserving a vibrant workforce: establishing sustainable succession planning program,” APPA, 2016
- “Sustainability accounting and reporting,” APPA webinar, 2016
- “Sustainability reporting for electric utilities (2016 update with SASB standards),” APPA, 2016 (co-author)
- “Utilities leverage key performance indicators to evolve,” bakertilly.com, 2016
- “Work order and asset management accounting,” APPA Spring, Fall and Winter Education Institute, 2016
- “Benchmarks and key performance indicators: the hidden gems of financial management tools,” bakertilly.com, 2015
- “Establishing a sustainable utility succession planning program,” bakertilly.com, 2015
- “Fixed asset management best practices for utilities,” bakertilly.com, 2015
- “Improve utility performance by using performance audits,” bakertilly.com, 2015
- “Is your power purchase agreement a capital lease?,” bakertilly.com, 2015
- “Using performance audits to improve utility operations,” bakertilly.com, 2015
- “Are you ready for NERC CIP Version 5?,” bakertilly.com, 2014
- “CFTC eases restrictions on government-owned utilities,” bakertilly.com, 2014
- “COSO internal control framework as a best practice for utilities,” bakertilly.com, 2014
- “Enterprise risk management: developing, implementing and sustaining an effective program,” bakertilly.com, 2014
- "Immediate issues facing joint action agencies,” bakertilly.com, 2014
- “Information technology governance for electric utilities,” APPA, 2014 (co-author)
- “Preparing for reliability assurance initiative standards,” bakertilly.com, 2014
- “Sustainability reporting for electric utilities,” APPA, 2014 (co-author)
Education
University of Wisconsin ‒ Milwaukee
Bachelor of Business Administration in accounting
Continuing Education
- AICPA, FASB review for business
- APPA Academy, Starting and sustaining social media for your utility
- APPA, Cybersecurity in our utility
- APPA, GASB update
- APPA, Maximizing the value of financial statements
- APPA, Performing a contract audit
- APPA, Sustainability accounting and reporting
- Baker Tilly, Allocating utility costs
- Baker Tilly, GASB 83
- Baker Tilly, Introductory and advanced work order accounting