Statewide Financial Reporting & Accountability Bureau

The purpose of the Statewide Financial Reporting and Accountability Bureau is to carry out statutorily defined duties and responsibilities and the administrative directives of the Secretary of the Department which includes, but is not limited to the following:

• Ensuring that state agencies comply with the model accounting practices pursuant to Section 6-5-2.B. NMSA 1978 and review and approval of journal entries made by state agencies to the central accounting system.
• Implementing an internal control evaluation review process to ensure state agencies have adequate internal controls to prevent accounting errors and violations of state and federal law and rules related to financial matters pursuant to Section 6-5-2.C. NMSA 1978.
• Conducting all central accounting and fiscal reporting for the state as a whole and produce interim statewide financial reports and the state’s annual financial statements pursuant to Section 6-5-2.1.E. NMSA 1978.
• Compiling a annual financial report pursuant to Section 6-5-4.1. NMSA 1978 for annual audit pursuant to the State Audit Act, Section 12-6-3.A. NMSA 1978.
• Assisting state agencies in resolving financial questions or problems pursuant to Section 6-5-2.1.R. NMSA 1978.
• Preparing the annual Statewide Cost Allocation Plan (SWCAP) to meet federal reporting requirements pursuant to administrative directive of the Secretary of the Department.