Page 3 - Microsoft Word - {0F7FAA1B-FD7E-4F4D-8339-6B60C1918B39}.docx

Independent Auditor’s Report

Board of Directors and Members
Associated Electric Cooperative, Inc.
Springfield, Missouri

Report on the Audit of Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Associated Electric Cooperative, Inc. and its
wholly owned subsidiaries (Associated), which comprise the consolidated balance sheets as of
December 31, 2022 and 2021, and the related consolidated statements of revenues and expenses,
comprehensive income, patronage capital and other equities, and cash flows for the years then ended, and
the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the consolidated financial position of Associated as of December 31, 2022 and 2021, and the consolidated
results of their operations, changes in patronage capital and other equities, and their cash flows for the
years then ended in accordance with accounting principles generally accepted in the United States of
America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements” section of our report. We are required to be independent of
Associated and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with accounting principles generally accepted in the United States of America,
and for the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about Associated’s ability to
continue as a going concern within one year after the date that these consolidated financial statements are
available to be issued.