SANTA FE, July 3, 2023 – The City of Santa Fe worked with its Independent Public Accountant (IPA) to submit the Fiscal Year 2021 external financial statement and compliance audit to the New Mexico Office of the State Auditor (OSA) on Friday, June 30, 2023. The city and external auditors worked diligently to meet the goal of submitting the audit by June 30, 2023.
The audit exit conference was held on June 29, 2023. The New Mexico State Audit Rule (2.2.2.10.M NMAC) requires the independent public accountant to hold an exit conference with representatives of the audited agency’s governing authority and top management. The exit conference is a formal meeting held at the conclusion of the audit to present the draft audit report and discuss the auditor’s opinions, findings, and recommendations in detail. During the exit conference, the auditor reviews the scope of the audit engagement, the responsibilities of the auditor, and the responsibilities of management.
Pursuant to the New Mexico State Audit Rule, Section 2.2.2.10.M(3) NMAC, "Agency personnel and the agency’s IPA shall not release information to the public relating to the audit until the audit report is released by the OSA, and has become a public record." This confidentiality provision applies to the opinions, findings, and recommendations discussed during the exit conference.
Mayor Alan Webber says, "Submitting this audit is a successful step that deserves recognition. There’s more to be done, but that doesn’t diminish this important milestone. Director Oster and her team said the audit would go in on June 30. Promise made, promise kept. Good work, and thanks to the whole team."
Emily K. Oster, Finance Director for the City of Santa Fe, says: "I am proud of the hard work that our dedicated team put in to achieve this important milestone. Submitting the Fiscal Year 2021 audit to the State Auditor’s Office is a key step towards achieving our goal of timely and accurate financial reporting."
Next Steps:
- The OSA will review the audit report.
- Once the OSA’s review of the report is complete and any OSA comments have been addressed by the IPA, the OSA will notify the IPA that the report is ready to print.
- After the OSA issues the "OK to print" communication for the audit report, the IPA has five business days to submit the final report and supporting documentation to the OSA.
- Then the OSA will conduct a final review and release the audit report by issuing a "release letter."
- Once the audit report is officially released by the state auditor, there is a waiting period of five calendar days pursuant to the State Audit Act (Section 12-6-5 NMSA 1978) and then the report becomes a public record.
- The audited agency may choose to waive the five-day period by giving written notice to the OSA.
- After the audit report has become a public record, it will be presented by the IPA to a quorum of the City’s Governing Body at a meeting held in accordance with the Open Meetings Act.