Current through Register Vol. 35, No. 6, March 26, 2024
This section describes certain terms used in 2.2.2 NMAC. When
terminology differs from that used at a particular organization or under
particular standards, auditors should use professional judgment to determine if
there is an equivalent term:
A.
Definitions beginning with the letter "A":
(1)
"AAG GAS" means AICPA Audit
and Accounting Guide - Government auditing standards and Single Audits (latest
edition).
(2)
"AAG
SLV" means AICPA Audit and Accounting Guide - State and Local
Governments (latest edition).
(3)
"Abuse" includes, but is not limited to, behavior that is
deficient or improper when compared with behavior that a prudent person would
consider reasonable and necessary business practice given the facts and
circumstances but excludes fraud and noncompliance with provisions of laws,
regulations, contracts, and grant agreements. Abuse also includes misuse of
authority or position for personal interests or for the benefit of another or
those of an immediate or close family member or business associate. (GAGAS
latest revision.) Abuse does not necessarily involve fraud or illegal acts.
However, abuse may be an indication of potential fraud or illegal acts and may
still impact the achievement of defined objectives. (GAO-14-704G federal
internal control standards paragraph 8.03.)
(4)
"ACFR" means annual
comprehensive financial report.
(5)
"Attest engagement" means an engagement to issue, or where an IPA
issues, an examination, a review, AUP report, or report on subject matter, or
an assertion about subject matter that is the responsibility of an agency or
local public body, including engagements performed pursuant to AICPA and GAGAS
attestation standards and all engagements pursuant to Subsection A of Section
12-6-3 NMSA 1978.
(6)
"Audit" may refer to or
include annual financial and compliance audit, or attestation engagement,
unless otherwise specified.
(7)
"Audit documentation" means the record of procedures performed,
relevant evidence obtained, and conclusions reached (terms such as working
papers or workpapers are also sometimes used).
(8)
"Auditor" means independent
public accountant performing audit or attest work as defined in the Public
Accountancy Act.
(9)
"AICPA" means American institute of certified public
accountants.
(10)
"AU-C" means U.S. auditing standards-AICPA (clarified).
(11)
"AUP" means agreed upon
procedures.
B.
Definitions beginning with the letter "B": [RESERVED]
C.
Definitions beginning with the
letter "C":
(1)
"CPA"
means certified public accountant.
(2)
"CPE" means continuing
professional education.
(3)
"CUSIP" means committee for uniform securities identification
procedures, the unique identification number assigned to all stocks and
registered bonds in the United States and Canada by the committee on uniform
securities identification procedures.
(4)
"CYFD" means the New Mexico
children youth and families department.
D.
Definitions beginning with the
letter "D":
(1)
"DFA"
means the New Mexico department of finance and administration.
(2)
"DOH" means the New Mexico
department of health.
(3)
"DOT" means the New Mexico department of transportation.
(4)
"DWS" means New Mexico
department of workforce solutions.
E.
Definitions beginning with the
letter "E":
(1)
"ECECD"
means the New Mexico early childhood education and care department.
(2)
"ERB" means the New Mexico
education retirement board.
F.
Definitions beginning with the
letter "F":
(1)
"FCD"
means financial control division of the department of finance and
administration.
(2)
"FDIC" means federal deposit insurance corporation.
(3)
"FDS" means financial data
schedule.
(4)
"Fraud"
includes, but is not limited to, fraudulent financial reporting,
misappropriation of assets, corruption, and use of public funds for activities
prohibited by the constitution or laws of the state of New Mexico. Fraudulent
financial reporting means intentional misstatements or omissions of amounts or
disclosures in the financial statements to deceive financial statement users,
which may include intentional alteration of accounting records,
misrepresentation of transactions, or intentional misapplication of accounting
principles. Misappropriation of assets means theft of an agency's assets,
including theft of property, embezzlement of receipts, or fraudulent payments.
Corruption means bribery and other illegal acts. (GAO-14-704G federal internal
control standards paragraph 8.02).
G.
Definitions beginning with the
letter "G":
(1)
"GAAP"
means accounting principles generally accepted in the United States of
America.
(2)
"GAGAS"
means the most recent revision of government auditing standards issued by the
comptroller general of the United States (yellow book).
(3)
"GAO" means the government
accountability office, a division of the OSA.
(4)
"GASB" means governmental
accounting standards board.
(5)
"GAAS" means auditing standards generally accepted in the United
States of America.
(6)
"GSD" means the New Mexico general services department.
(7)
"GRT" means gross receipts
tax.
H.
Definitions
beginning with the letter "H":
(1)
"HED" means the New Mexico higher education department.
(2)
"HSD" means the New Mexico
human services department.
(3)
"HUD" means the United States (US) department of housing and urban
development.
I.
Definitions beginning with the letter "I":
(1)
"IPA" means the independent
public accountant performing professional services for agencies and local
public bodies.
(2)
"IRC" means internal revenue code.
J.
Definitions beginning with the
letter "J": [RESERVED]
K.
Definitions beginning with the letter "K": [RESERVED]
L.
Definitions beginning with the
letter "L": "LGD" means the local government division of the department
of finance and administration (DFA).
M.
Definitions beginning with the
letter "M": [RESERVED]
N.
Definitions beginning with the letter "N":
(1)
"NCUSIF" means national
credit union shares insurance fund.
(2)
"NMAC" means New Mexico
administrative code.
(3)
"NMCD" means the New Mexico corrections department.
(4)
"NMSA" means New Mexico
statutes annotated.
(5)
"Non-attest engagement" means any engagement that is not an attest
engagement, including, but not limited to, services performed in accordance
with the statement on standards for consulting services or the statement on
standards for forensic services, or any other engagement that is not under
Section 12-6-3 NMSA 1978, including
certain agency-initiated or other engagements in which the IPA's role is to
perform an engagement, assist the client or testify as an expert witness in
accounting, auditing, taxation, or other matters, given certain stipulated
facts.
O.
Definitions beginning with the letter "O":
(1)
"Office" or "OSA" means the
New Mexico office of the state auditor.
(2)
"OMB" means the United
States office of management and budget.
P.
Definitions beginning with the
letter "P":
(1)
"PED"
means the New Mexico public education department.
(2)
"PERA" means the New Mexico
public employee retirement association.
(3)
"PHA" means public housing
authority.
Q.
Definitions beginning with the letter "Q": [RESERVED]
R.
Definitions beginning with the
letter "R":
(1)
"REAC"
means real estate assessment center.
(2)
"REC" means regional
education cooperative.
(3)
"Report" means a document issued as a result of an annual
financial and compliance audit, special audit, attestation engagement,
performance audit, forensic accounting engagement, or AUP engagement regardless
of whether the document is on the contractor's letterhead or signed by the
contractor.
(4)
"RSI"
means required supplementary information.
S.
Definitions beginning with the
letter "S":
(1)
"SAS"
means the AICPA's statement on auditing standards.
(2)
"SHARE" means statewide
human resources accounting and management reporting system.
(3)
"SI" means supplementary
information.
(4)
"SLO"
means the state land office.
(5)
"Special audit" means a limited-scope examination of financial
records and other information designed to investigate allegations of waste,
fraud, abuse, theft, non-compliance, or misappropriation of funds, or to
quantify the extent of such losses, including both attest engagements and
non-attest engagements, performance audits, forensic accounting engagements,
and any other engagement that is not part of the annual financial statement and
compliance audit, depending on designation or scope.
(6)
"State auditor" may refer to
either the elected state auditor of the state of New Mexico, or personnel of
the office designated by the state auditor.
(7)
"STO" means state
treasurer's office.
T.
Definitions beginning with the letter "T":
(1)
"Tier" is established based
on the amount of each local public body's annual revenue, pursuant to Section
12-6-3 NMSA 1978 and
2.2.2.16 NMAC.
(2)
"TRD" means the New Mexico
taxation and revenue department.
U.
Definitions beginning with the
letter "U":
(1)
"UFRS"
means uniform financial reporting standards.
(2)
"Uniform guidance" Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards.
(3)
"U.S. GAO" means the United
States government accountability office.
V.
Definitions beginning with the
letter "V": [RESERVED]
W.
Definitions beginning with the letter "W": "Waste" includes, but
is not limited to, the act of using or expending resources carelessly,
extravagantly, or to no purpose. Importantly, waste can include activities that
do not include abuse. Rather waste relates primarily to mismanagement,
inappropriate actions, and inadequate oversight. Waste does not necessarily
involve fraud or illegal acts. However, waste may be an indication of potential
fraud or illegal acts and may still impact the achievement of defined
objectives. (GAO-14-704G federal internal control standards paragraph
8.03.)
X.
Definitions
beginning with the letter "X": [RESERVED]
Y.
Definitions beginning with the
letter "Y": [RESERVED]
Z.
Definitions beginning with the letter "Z": [RESERVED]
