SANTA FE, December 8, 2023 – Late last night, the City of Santa Fe's independent public accountant (IPA) notified the City that the City's FY2022 external financial statement and compliance audit has been submitted to the New Mexico Office of the State Auditor (OSA). This is the second audit submitted by the City in just over five months.
The completion of two audits on an accelerated timeline shows that internal process improvements, software upgrades, and additional finance personnel have made a difference in how the City operates and meets its audit obligations and demonstrates the ongoing progress the City is making in addressing a pattern of late audits that spans more than 20 years.
"Two down, one to go," said Mayor Webber. "Finance Director Emily Oster and her team are doing outstanding work. They deserve our appreciation and recognition. It's hard work with added pressure, and they continue to deliver results."
The New Mexico State Audit Rule (188.8.131.52.M NMAC) requires the external auditor to hold an exit conference, which was held on December 4, with representatives of the audited agency's governing authority and management. During the exit conference, the auditor reviews the scope of the audit engagement, the responsibilities of the auditor, and the responsibilities of management. The exit conference also determines if there are any final steps that need to be completed before submittal.
Finance Director Emily K. Oster said, "I continue to be very proud of the hard work that our dedicated team is doing to get the City caught up on audits. Submitting the Fiscal Year 2022 audit to the State Auditor's Office is another key step toward achieving our goal of timely and accurate financial reporting. We are doing our best to ensure that residents are fully aware of the progress we are making."
Pursuant to the New Mexico State Audit Rule, Section 184.108.40.206.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.
The confidentiality provision does not apply to the procedural and timeline updates the City has been providing to the Governing Body and residents to ensure transparency.
Once the OSA reviews the audit report, it will be officially released by the State Auditor and will become a public record.