Where Traditional Values Intersect with Innovative Thinking
Barraclough & Associates, P.C. has provided services to State, County and Local Government entities for many years. We are on the New Mexico Office of the State Auditor approved audit firm list.
We are very pleased to have been accepted into membership of the AICPA Governmental Audit Quality Center. The Center is a firm-based, voluntary membership organization designed to promote the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services. We are one of the very few accounting firms in the State of New Mexico to have made this commitment.
The mission of the Center is to:
Our basic recurring engagement is to audit and report upon the annual financial statements, including governmental-wide, fund, combined, combining, and individual fund financial statements. We also issue reports on any audit findings in the areas of internal controls and compliance with applicable federal and state or local laws and regulations.
A single audit is an entity-wide audit performed on entities that expend more than $500,000 annually in federal awards. A single audit consists of two main parts:
The audit of the major projects includes:
As part of a single audit, the auditor is required to assume certain testing and reporting responsibilities beyond those of the audit of the financial statements in accordance with Generally Accepted Auditing Standards and Government Auditing Standards. The additional responsibilities focus on compliance with laws and regulations applicable to federal awards and on the internal controls used in administering federal awards.
In past years, we have participated in joint ventures with the New Mexico State Auditor. Additionally, we send many of our staff to continuing professional education courses sponsored by the New Mexico State Auditor.
All of our auditors meet or exceed the GAO’s Governmental Auditing Standards “Yellow Book” and New Mexico Board of Accountancy’s continuing education requirements.