Peer Review
Ensuring Accountability, Quality, and Excellence in Government Auditing
PASS
Highest Possible Peer Review Rating
The Office of the State Auditor received a Pass rating, the highest rating available through the peer review process
What is a Peer Review?
A peer review is an independent checkup of an audit organization. Qualified auditors from outside the NM OSA review how we perform our audits to make sure we follow professional auditing standards and consistently produce high-quality work. They review our quality management system, our audit policies and procedures, and a sample of completed engagements to determine whether we have effective processes in place to ensure our audits comply with professional standards.
Why Are Peer Reviews Required?
Generally Accepted Government Auditing Standards (GAGAS) issued by the Comptroller General of the United States, mandate that governmental audit organizations have an external quality control review assessment, known as a peer review, once every three years.
Additionally, per state law, the NM OSA is in the practice of public accountancy and must follow all pertinent professional standards.
Who Performs a Peer Review?
NM OSA participates in a peer review program administered by the National Association of State Auditors, Comptrollers and Treasurers (NASACT). Experienced auditors from other state audit organizations perform the peer reviews.
What Happens Next?
The NM OSA is also required by government auditing standards to regularly review its quality control system between peer reviews.
- We assign an auditor to perform ongoing quality reviews
- We perform internal inspections
- We monitor compliance with professional standards
- We identify opportunities for improvement
- We consistently release high-quality reports
What is the Peer Review Report?
The peer review report documents the results of the peer review. The report concluded that our office suitably designed and complied with the system of quality control during the review period to provide our organization with reasonable assurance of performing and reporting in conformance with Generally Accepted Government Auditing Standards in all material respects.