Accountancy: Overview and Contact Information
The New Mexico Public Accountancy Board (NMPAB) issues licenses to both Certified Public Accountants (CPA) and CPA firms to practice public accountancy in New Mexico.
Public accountancy means the performance of one or more kinds of services involving accounting or auditing skills, including the issuance of reports on financial statements, the performance of one or more kinds of management, financial advisory or consulting services, the preparation of tax returns, or the furnishing of advice on tax matters.
The board sets professional and educational standards for CPAs for obtaining and maintaining licenses, and ensures CPA firms report peer reviews of their performance. The board also investigates complaints from the public against CPAs and/or CPA firms, and takes appropriate disciplinary action when professional and ethical standards are violated.
Complaints not Investigated by the board:
- Fee disputes
- Authority over non-CPA accountants or bookkeepers (unless holding out as a CPA or CPA firm)
- Tax fraud (referred to the IRS fraud division)
- Minor errors or mistakes
- Cases currently in or part of other litigation
Board Contact Information:
Firm Peer Review
Unless EXEMPT because of not performing these services, a firm seeking registration to engage in the practice of public accountancy must undergo a peer review at least once every three years. Participation is required of each firm that performs auditing engagements, including but not limited to audits, reviews, financial statements, compilations, attestation, forecasts, or projections [16.60.4 NMAC].
Firms that perform audits under the Statements on Auditing Standards (SASs), audits under Government Auditing Standards (GAS), and/or examinations under the Statements on Standards for Attestation Engagements (SSAEs) are required to have system peer reviews.
Firms that only perform services under Statements on Standards for Accounting and Review Service (SSARs) or services under SSAEs not included in system reviews are required to have an engagement review.
An EXEMPT firm DOES NOT independently as an exempt firm perform work or sign accounting and/or financial statements on audit engagements, including but not limited to audits, agreed upon procedures, reviews, compilations, attestations, forecasts, or projections.
To check the peer review status of firms performing peer reviewable engagements go to the following AICPA website and search by state.
To verify the CPA license of a firm or individual, go to the following NASBA website and search.