News

2018-07-12
Proposed Change to the Audit Rule, 2.2.2.9(A)(1)

Proposed Change to the Audit Rule, 2.2.2.9(A)(1)

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Strike through =stricken language

2.2.2.9 REPORT DUE DATES

A.  Report due dates:  The IPA shall deliver the organized and bound annual financial audit report to the state auditor by 5:00 p.m. on the date specified in the audit contract or send it postmarked by the due date.  IPAs and agencies are encouraged to perform interim work as necessary and appropriate to meet the following due dates:

                (1)          The audit report due dates are as follows:

(a) regional education cooperatives, cooperative educational housing authorities: September 30

                                (b) hospitals and special hospital districts:  October 15;

(c) higher education, state agencies not specifically named elsewhere in this subsection, district courts, district attorneys, the New Mexico finance authority, the New Mexico lottery authority, and other agencies with June 30 fiscal year ends that are reported as component units in the state of New Mexico comprehensive annual financial report:  Audited financial statements delivered to DFA for preparation of statewide CAFR October 15th; remainder of audit report including audited financial statements: November 1;

(d) school districts and the state of New Mexico component appropriations funds (state general fund):  ):  Audited financial statements delivered to DFA for preparation of statewide CAFR for those entities included in the State of NM CAFR – October 15th; the remainder of the audit report, including audited financial statements November 15;

(e) the PED, the state investment council, and the three post-agencies (PERA, ERB and the retiree healthcare authority):  Audited financial statements delivered to DFA for preparation of statewide CAFR – October 15th; the remainder of the audit report, including audited financial statements the Wednesday before Thanksgiving day;

(f) counties, incorporated counties (of which Los Alamos is the only one), workforce investment boards, councils of government, and the New Mexico mortgage finance authority:  Audited financial statements delivered to DFA for preparation of statewide CAFR for those entities included in the State of NM CAFR – October 15th; the remainder of the audit report, including audited financial statements December 1;

                                (g) local public bodies including municipalities:  December 15

(h) the state of New Mexico comprehensive annual financial report (CAFR):  December 31

(i) the ERB, PERA and retiree healthcare authority schedules of employer allocations reports and related employer guides required by SubSections Z and DD of Section 2.2.2.10 NMAC June 15;

(j) agencies with a fiscal year-end other than June 30 shall submit the audit report no later than five months after the fiscal year-end;

(k) regarding component unit reports (e.g. housing authorities, charter schools, hospital foundations, etc.), all separate audit reports prepared by an auditor that is different from the primary government’s auditor are due fifteen days before the primary government’s audit report is due, unless some other applicable due date requires the report be submitted earlier;

(l) any agency that requires its report to be released by December 31st for any reason (bonding, GFOA, etc.): the earlier of its agency due date or December 1; and

(m) late audit or agreed upon procedures reports of any agency (not performed in the current reporting period): not more than six months after the date the contract was executed;

(n) the draft financial statements provided to DFA under Subsections (c) and (e) above shall be accompanied by a copy of any audit adjustments made by the agency or its IPA.  The draft financial statements may only be released to DFA and shall not be released to the public until the full audit is released by the State Auditor; and

(o) Agency and IPA shall ensure balances in SHARE match the draft financial statements. Year-end trial balances must agree by fund with the balances reported in SHARE as of the fiscal year-end close. Audit adjustments (agency proposed or auditor adjustments) must be posted to the year-end trial balances by fund. The adjusted year-end trial balances must reconcile to the audited financial statements by fund. This also includes the fiduciary type funds. Agencies must reconcile the year-end adjusted trial balances to its financial statements. Differences between year-end adjusted trial balance and audited financial statements must be explained and supporting documentation provided to the CAFR Unit by November 2.