Governmental Entities

Governmental entity accountingBarraclough & 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:

  • Raise awareness about the importance of governmental audits
  • Serve as a comprehensive resource provider on governmental audits for member firms
  • Create a community of firms that demonstrates a commitment to governmental audit quality
  • Provide Center members with an online forum tool for sharing best practices as well as discussions on audit, accounting and regulatory issues
  • List member firms to enable purchases of governmental audit services to identify firms that have made this commitment.
  • Provide information about the Center’s activities to other entities

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:

  • Audit of the basic financial statements
  • Audit of the major federal award programs

The audit of the major projects includes:

  • Gaining an understanding of and testing the internal controls
  • Testing compliance with compliance requirements over the programs

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.

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Get in touch with us now to find out how Barraclough & Associates, P.C. can help you reach your financial goals.