N.J. Admin. Code § 5:31-7.9

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:31-7.9 - Audit of Federal and State grants

(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.

N.J. Admin. Code § 5:31-7.9