summary
Introduced
01/31/2018
01/31/2018
In Committee
02/12/2018
02/12/2018
Crossed Over
02/10/2018
02/10/2018
Passed
Dead
02/15/2018
02/15/2018
Introduced Session
2018 Regular Session
Bill Summary
AN ACT RELATING TO STATE AUDITS; ESTABLISHING A SINGULAR STATE AUDIT PROCESS FOR AGENCIES; REQUIRING OR PERMITTING CERTAIN FINANCIAL STATEMENT AUDITS IN ACCORDANCE WITH GENERALLY ACCEPTED GOVERNMENTAL AUDITING STANDARDS; CHANGING STANDARDS FOR EXAMINATION OF LOCAL PUBLIC BODY FINANCIAL AFFAIRS; CHANGING REQUIREMENTS PERTAINING TO FINANCIAL REPORTS OF LOCAL PUBLIC BODIES; PROVIDING FOR ANNUAL PERFORMANCE AUDITS; CHANGING ENTITIES TO BE NOTIFIED OF FAILURES TO SUBMIT AUDIT REPORTS; CHANGING REQUIREMENTS FOR AUDIT REPORTS; ALLOWING THE STATE AUDITOR TO DETERMINE THRESHOLDS FOR ANNUAL INVENTORIES CONDUCTED BY AGENCIES.
AI Summary
This bill establishes a singular state audit process for agencies in New Mexico. It requires the state's comprehensive annual financial report and the financial statements of legally separate entities to be audited annually in accordance with generally accepted governmental auditing standards. The bill also changes the standards and requirements for examining the financial affairs of local public bodies based on their annual revenue. Additionally, it requires annual performance audits of agencies and legally separate entities to assess their use of resources and adherence to laws, regulations, and internal controls. The bill also modifies the reporting requirements for audit findings and the process for correcting errors in audit reports.
Committee Categories
Budget and Finance, Government Affairs, Military Affairs and Security
Sponsors (1)
Last Action
[LD 8] Action postponed indefinitely (on 02/12/2018)
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