Audit Contract Addendum Contingency Subcontractor Form - State Of New Mexico

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Contract No._______
STATE OF NEW MEXICO
AUDIT CONTRACT ADDENDUM
CONTINGENCY SUBCONTRACTOR FORM
Pursuant to Section 2.2.2.8(L)(1) NMAC Requirements for Contracting and Conducting Audits of Agencies the
Contractor hereby enters into an agreement with ______________________________, hereinafter referred to as
the Contingency Subcontractor, to subcontract a portion (or all) of the services to be performed under all the
Contractor’s outstanding audit contracts, in the event the Contractor becomes incapacitated. The Contractor will
be deemed “incapacitated” if the Contractor is unable to complete services under outstanding audit contracts due
to the Contractor’s impairment by reason of mental illness, physical illness, or other cause.
Regarding all outstanding audit contracts the Contractor has at the time the Contractor becomes incapacitated, the
Subcontractor may have the following responsibilities (depending on when the Contractor becomes
incapacitated):
(1) oversight and supervision of the Contractor’s audit staff (if applicable) or the Subcontractor’s audit staff, for
the completion of all audit field work, audit documentation preparation, report drafting, and other non-audit
services;
(2) review of all audit documentation;
(3) issuance and signing of the audit report;
(4) timely submission of audit report to the State Auditor;
(5) correction of any deficiencies indicated by the State Auditor;
(6) Submission of the final report to the State Auditor;
(7) production and distribution of all copies of the report per the audit contract;
(8) electronic HUD submissions (if applicable);
(9) billing and collection of contract amounts per the audit contract;
(10) payment of wages to the Contractor’s audit staff (if applicable) from the audit contract proceeds;
(11) requests for justifiable contract amendments from the State Auditor; and
(12) distribution of a percentage of all the contract profits to my firm based on the percentage of completion when
the Contractor became incapacitated.
These Subcontractor responsibilities regarding the Contractor’s outstanding audit contracts will be carried out by
the Subcontractor in accordance with all applicable auditing standards and Section 2.2.2. NMAC, the Audit Rule.
Responsibility for the audit will be shared based on the percentage of completion at the time the Contractor
becomes incapacitated.
________
Remain with the Contractor; or
________
Be shared between the Contractor and Subcontractor.
The audit report will be signed by the Contractor and Subcontractor if the Contractor is able to sign the report.
Otherwise the report will be signed by the Subcontractor.

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