New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 31 - LOCAL AUTHORITIES
Subchapter 7 - ACCOUNTING AND AUDITING
Section 5:31-7.9 - Audit of Federal and State grants
Universal Citation: NJ Admin Code 5:31-7.9
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The auditor's reporting responsibility in audits of Federal and State financial assistance is primarily driven by four levels of auditing standards and requirements that shall apply:
1. Generally
accepted auditing standards issued by the American Institute of Certified
Public Accounts;
2. Government
Auditing Standards issued by the United States General Accounting
Office;
3. Single Audit Act and
applicable Federal OMB Circulars;
4. Single Audit policy for recipients of
federal grants, state grants and state aid and applicable State of New Jersey
OMB Circulars.
(b) The guidance in (a) above represents a level of auditor responsibility for reporting on an entity's financial statements, internal control structure and compliance with applicable laws and regulations, when followed.
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