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F I S C A L   I M P A C T   R E P O R T

 

 

SPONSOR:

Varela

 

DATE TYPED:

02/07/02

 

HB

HJM 76

 

SHORT TITLE:

Public Accountancy Regulations and Standards

 

SB

 

 

 

ANALYST:

J. Sandoval

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

NFI

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 
LFC files

 

No Response

The Department of Finance and Administration

Regulation and Licensing Department

State Auditor

 

SUMMARY

 

House Joint Memorial 76 requests the New Mexico Public Accountancy Board to aggressively apply its regulations and peer review program to ensure that public accountants conducting audits of the state, counties, municipalities, state educational institutions and other political subdivisions strictly adhere to the professional standards and requirements adopted by the public accounting profession in an appropriate climate of professional independence.  This bill further requests that the New Mexico Public Accountancy Board and the State Auditor, in conjunction with the New Mexico Society of Certified Public Accountants and the New Mexico Society of Public Accountants, work to ensure strict adherence to public accountancy regulations and standards. 

 

The New Mexico Public Accountancy Board and the State Auditor are to report their findings and recommendations to the legislative Finance Committee by December 1, 2002.

 

JFS/njw

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