If you are an audit firm holding a permit issued pursuant to the provisions of the 1999 Public Accountancy Act [61-28B-1 to 61-28B29 NMSA 1978], registered and in good standing with the Board who is interested in performing government audits click here.
Firms need to complete the firm profile datasheet and submit it to the State Auditor’s Office along with the required documentation mentioned in the firm profile datasheet by the date specified by the State Auditor.
Application Review Process
The Office will conduct an extensive review of each application. The areas of review include verification that educational requirements have been met, the firm’s documents such as professional liability insurance, New Mexico firm permit, etc. are current and a review that the firms are in compliance with requirements set forth in the Audit Rule relating to due dates, late audit notifications, quality of work, etc.
Upon finalizing the review of the firm profiles the firms will fall into one of several categories:
2) Approved with limitations (often limiting the number of audits they are eligible to perform)
3) Approved to be on the list of firms eligible to perform audits however there is some requirement that must be met before the Office will approve and issue contracts.
Some of the most common items that can cause this restriction is a) an expired or upcoming expiring peer review, b) not having an at least one audit manager with a current New Mexico CPA license, c) having outstanding audit reports for prior years, d) having expired documentation, e) not meeting the CPE requirements, etc.
Prior Year Audit Fees for Governmental Agencies
The prior year fees for governmental agencies can be used as a tool to help agencies and firms.