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Firm Profile Datasheet

MEMORANDUM


DATE:     SEPTEMBER 13, 2011

TO:          INDEPENDENT PUBLIC ACCOUNTANTS (IPA)

FROM:    CARLA C. MARTINEZ
                 DEPUTY STATE AUDITOR

SUBJECT:    REQUEST TO SUBMIT FIRM PROFILES FOR 2012 AUDITS– DUE OCTOBER 14, 2011

In order to appear or remain on our list of IPAs approved to conduct financial audits of governmental entities in New Mexico, a CPA firm must submit a firm profile to the Office of the State Auditor (OSA) for review and approval (Section 2.2.2.8(A) NMAC, Requirements for Contracting and Conducting Audits of Agencies).  A hard copy of your completed firm profile must be postmarked or delivered to the OSA no later than Friday October 14, 2011 at 5:00 pm.  Firm profiles that are not postmarked or delivered by the due date will not be processed until March 16, 2012 or later.

The firm profile consists of 5 sections that will provide the OSA with the following information:

  • Firm Contact Information;
  • Copy of New Mexico Firm Permit to Practice;
  • Evidence of Professional Liability Insurance;
  • Peer Review Details;
  • Late Audit Report Information;
  • Listing of Professional Service Contracts; and
  • Staff Information and Continuing Professional Education (CPE).  Firms should submit updated Firm Profile CPE information for CPE courses obtained from October 14, 2011 through December 31, 2011,  to the OSA, postmarked or delivered by January 6, 2012.  If the Office does not receive this CPE information, it could delay the OSA processing of the firm profile, or result in an audit contracting restriction for the firm.


The firm profile forms can be downloaded from the OSA website at www.osanm.org.  You will need a copy of Adobe Acrobat Reader installed on your computer in order to view the firm profile on our website.  Download Acrobat Reader by clicking on the Acrobat Icon.  If additional space is required on any of the forms in the firm profile, you may insert a separate sheet in a similar format with the required information.

The OSA moved the firm profile due date up to facilitate the OSA’s performance of its many high priority duties during the fall and early winter months. 

After OSA staff reviews the firm profiles submitted by the due date, the OSA will publish a new list of approved IPAs for 2012 on our website by February 13, 2012.  On or about February 13, 2012, government agencies will be notified that they may seek proposals for their annual financial and compliance audits of the fiscal year ending June 30, 2012.  If your firm fails to submit a completed firm profile by October 14, 2011, then your firm will not be included on the initial list for 2012.  Additionally, firms that submit the firm profile timely, that do not meet the requirements noted in the firm profile, will appear on the approved list, but will be restricted pending OSA receipt of  the required missing documentation.  The OSA encourages firms to carefully check the firm profile prior to submission to our office.  Please note that incomplete, unorganized or unbound firm profiles will be returned to your firm and will not be considered received by this office.

Firms that fail to meet the October 14, 2011 submission deadline, are required to submit a special request to the State Auditor, accompanying the completed firm profile.  The request should explain the following in writing:  1) why the IPA did not submit the firm profile by the October 14, 2011 due date; and 2) why the State Auditor should consider the firm for the approved list of IPAs in 2012.

If you have any questions about the download process for obtaining the firm profile form, contact Art Baca at (505) 476-3800.  For questions about the firm profile, contracting or other related issues, please contact Denise Duran or Frank Valdez at (505) 476-3800.  Thank you for your attention regarding this matter.

Please submit completed firm profiles to:

Office of the State Auditor
2540 Camino Edward Ortiz, Ste #A
Santa Fe, New Mexico 87507