New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 6 - ANNUAL AUDIT
Section 5:30-6.1 - Uniform accounting system for local units

Universal Citation: NJ Admin Code 5:30-6.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The Requirements of Audit that have been promulgated for municipalities, and counties, which are deemed to include the county surrogate's office and the county probation department, are considered as minimum requirements and should be elaborated upon whenever, in the judgment of the registered municipal accountant, it is required. The Requirements of Audit shall also apply to regional service agencies whose constituent members are solely made up of municipalities and/or counties.

(b) Copies of Requirements of Audit may be obtained from:

Local Finance Board

Division of Local Government Services

Department of Community Affairs

PO Box 803

Trenton, New Jersey 08625-0803

(c) In addition to the Requirements of Audit, the registered municipal accountant of each local unit shall also utilize the requirements of the following authoritative resources, incorporated herein by reference, in conducting the annual audit, as appropriate and applicable:

1. Generally Accepted Auditing Standards as promulgated by the American Institute of Certified Public Accountants;

2. Government Accounting Standards Board with regard to disclosure of notes to the financial statements, except that municipalities, counties, and regional service agencies whose constituent members are solely made up of municipalities and/or counties may use the most recent available audited GASB 68 and GASB 75 financial information published by the New Jersey Department of the Treasury, Division of Pensions and Benefits;

3. 2 CFR Part 200 Subpart F;

4. New Jersey Office of Management and Budget Circular 15-08; and

5. Generally Accepted Government Auditing Standards promulgated by the U.S. General Accounting Office (Yellow Book).

(d) A municipality that operates a solid waste collection district as of December 31, 1989, shall incorporate the district into its annual municipal audit.

(e) As used in this section, the term "local unit" shall mean a municipality, county, and any regional services agency whose constituent members are solely made up of municipalities and/or counties.

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