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Bernalillo County Treasurer’s Office Receives Clean Audit for Third Year in a Row


Today Bernalillo County Treasurer Nancy Bearce announced the results of her annual internal audit. For the third year in a row, the Treasurer’s Office received a clean audit. The audit was performed by REDW, a New Mexico based CPA and auditing firm.

REDW tested the following procedures (not all-inclusive):

  • Reviewed the amended investment policy.
  • Sampled investment transactions (purchases/sales) to determine compliance with policy.
  • Determined if the Gift Act and disclosure of potential conflicts of interests were followed.

REDW found controls functioning properly and established procedures followed, thereby a clean audit was achieved.

Audit committee chair, Mandy Funchess, CPA, noted “It is very refreshing to have back to back no finding audits in the Treasurer’s Office. I commend the department on how hard they have worked to make this happen.”

Additionally, Bernalillo County recently received a “triple A” Bond Ratings from Moody’s Fitch and Standard and Poor’s. The rating was due in part to the conservative nature of investments, as well as the transparent investment policy. Other governmental entities in New Mexico have experienced downgraded ratings, leading to higher borrowing costs.

“I am excited to announce another clean internal audit for the Treasurer’s Office,” says Treasurer Nancy Bearce. “This audit report, along with our investment policy, fulfills a campaign promise to bring accountability, transparency and ethics to the office. I look forward to continuing these impressive results.”

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