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Internal audit finds Santa Fe—s month-end close sound but under-documented
Summary
A Baker Tilly internal audit presented to the Santa Fe Finance Committee found the city—s month- and year-end close processes are functioning but recommended formal written policies, routine manager review documentation for reconciliations, and better recordkeeping for a technology disaster-recovery tabletop exercise.
The Santa Fe Finance Committee received an internal-audit report on Nov. 10 finding that the city—s month- and year-end close processes work in practice but lack complete documentation.
Director Emily Osterholm introduced the review and said the audit, performed by Baker Tilly (which merged with Moss Adams over the summer), focused on process and procedure rather than the external audit—s emphasis on financial statements, controls and federal compliance. "The main issue that came up was documentation," she said,…
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