Current through Register Vol. 35, No. 18, September 24, 2024
A. Statute requires
that the administrative head of each agency ensure that the model accounting
practices, established by the division, are followed. In order to ensure that
model accounting practices are followed, it is incumbent upon the agency head
to carryout the responsibilities of the chief financial officer, outlined in
Subsection C of 2.20.5.8 NMAC.
B.
An agency head may assign the responsibilities outlined in Subsection C of
2.20.5.8 NMAC to any employee within the agency that has the educational
background, knowledge, and experience necessary to supervise, monitor, and
control the state agency's accounting function. The delegation must be in
writing, must be for a specific fiscal year, and must be approved by the
division.
C. It is the
responsibility of the chief financial officer to ensure that:
(1) an internal control structure exists at
the state agency and is functioning properly.
(2) all transactions are recorded daily in
the agency's accounting records.
(3) all transactions are properly classified
in the agency's records.
(4) cash
account records are reconciled timely each month to the division's reports and
to the state treasurer's reports.
(5) all transactions comply with federal and
state law.
(6) all expenditures
have a public benefit or purpose, are necessary, and are consistent with the
appropriation, the expenditure authority from the legislature and comply with
Section
6-5-3
NMSA 1978, as amended.
(7) all
accounting systems, including subsidiary systems, are recording transactions
timely, completely, and accurately.
(8) all payments to vendors are accurate,
timely and the state agency has certified they are for services rendered or
goods received in accordance with Section
13-1-158
NMSA 1978, as amended.
(9) all
information requested by the division from the state agency is provided timely
and accurately.
(10) all reporting
of financial information must be timely, complete and accurate, to the state
agency's management and to oversight agencies and entities.
(11) the state agency's annual financial
statement audit is completed by the deadline established by the state auditor
and the audit report includes an unqualified opinion.
(12) a budgetary control system, approved by
the state budget division of the department of finance and administration, is
in place and functioning.
