Audit Report Due Dates At-A Glance

REPORT DUE DATES AT-A GLANCE:

Regional education cooperatives, cooperative educational services and independent housing authorities: September 30

Hospitals and special hospital districts: October 15

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: November 1

School districts, TRD, CYFD, DOH, DOT, HSD, GSD and the state of New Mexico component appropriation funds (state general fund): November 15

PED, the state investment council, and the three post-employment benefit agencies (PERA, ERB and the retiree health care authority): the Wednesday before Thanksgiving day

Counties, incorporated counties (of which Los Alamos is the only one), workforce investment boards, councils of governments, and the New Mexico mortgage finance authority: December 1

Local public bodies including municipalities: December 15

Annual Comprehensive Financial Report (ACFR):December 31

ERB, PERA and retiree health care authority schedules of employer allocations reports and related employer guides required by Subsections Z of 2.2.2.10 NMAC: June 15

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

Regarding component unit reports (e.g., housing authorities, charter schools, hospitals, 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 to be submitted earlier

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

late audit or AUP reports of any agency (not performed in the current reporting period): not more than six months after the date the contract was executed. 

AUDIT RULE CITATIONS

Audit Rule Direct Link

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 services and independent 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: November 1;

(d) school districts, TRD, CYFD, DOH, DOT, HSD, GSD and the state of New Mexico component appropriation funds (state general fund): November 15;

(e) the PED, the state investment council, and the three post-employment benefit agencies (PERA, ERB and the retiree health care authority): the Wednesday before Thanksgiving day;

(f) counties, incorporated counties (of which Los Alamos is the only one), workforce investment boards, councils of governments, and the New Mexico mortgage finance authority: December 1;

(g) local public bodies including municipalities: December 15;

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

(i) the ERB, PERA and retiree health care authority schedules of employer allocations reports and related employer guides required by Subsections Z of 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,
hospitals, 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 to 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 AUP reports of any agency (not performed in the current reporting
period): not more than six months after the date the contract was executed.

(2) If an audit report is not delivered on time to the state auditor, the auditor shall include this
instance of non-compliance with Subsection A of 2.2.2.9 NMAC as an audit finding in the audit report. This requirement is not negotiable. If appropriate, the finding may also be reported as a significant deficiency or material
weakness in the operation the agency’s internal controls over financial reporting pursuant to AU-C 265.

(3) An organized bound hard copy of the report shall be submitted for review by the OSA
with the following: copy of the signed management representation letter and a copy of the completed state auditor report review guide (available at www.osa.nm.gov). A report shall not be considered submitted to the OSA for the
purpose of meeting the due date until a copy of the signed management representation letter and the completed report review guide are also submitted to the OSA. All separate reports prepared for component units shall also be
submitted to the OSA for review, along with a copy of the management representation letter, and a completed report review guide for each separate audit report. A separate component unit report shall not be considered submitted to
the OSA for the purpose of meeting the due date until a copy of the signed management representation letter and the completed report review guide are also submitted to the OSA. If a due date falls on a weekend or holiday, or if the
OSA is closed due to inclement weather, the audit report is due the following business day by 5:00 p.m. If the report is mailed to the state auditor, it shall be postmarked no later than the due date to be considered filed by the due date.
If the due date falls on a weekend or holiday the audit report shall be postmarked by the following business day.

(4) AU-C 700.41 requires the auditor’s report to be dated after audit evidence supporting the
opinion has been obtained and reviewed, the financial statements have been prepared and the management representation letter has been signed. AU-C 580.20 requires the management representation letter to be dated the
same date as the independent auditor’s report.

(5) As soon as the auditor becomes aware that circumstances exist that will make an
agency’s audit report be submitted after the applicable due date provided in Subsection A of 2.2.2.9 NMAC, the auditor shall notify the state auditor in writing. This notification shall consist of a letter, not an email. However, a scanned version of the official letter sent via email is acceptable. The late audit notification letter is subject to the confidentiality requirements detailed at Subsection M of 2.2.2.10 NMAC. This does not prevent the state auditor from notifying the Legislative Finance Committee or applicable oversight agency pursuant to Subsections F and G of Section 12-6-3 NMSA 1978. There shall be a separate notification for each late audit report. The notification shall include a specific explanation regarding why the report will be late, when the IPA expects to submit the report and a concurring signature by a duly authorized representative of the agency. If the IPA is going to miss the expected report submission date, then the IPA shall send a revised notification letter. In the event the contract was signed after the report due date, the notification letter shall still be submitted to the OSA explaining the reason the audit report will be submitted after the report due date. The late report notification letter is not required if the report was submitted to the OSA for review by the due date, and then rejected by the OSA, making the report late when resubmitted. Reports resubmitted to the OSA with changes of the IPA’s opinion after the report due date shall be considered late and a late audit finding shall be included in the audit report.

(6) The due date of any report not listed in Subsection A of 2.2.2.9 NMAC shall be the date
specified in the contract.