The Audit Program

Print or View the Entire Audit Program

Introduction
Significant Changes i
Other Changes/Updates for 2009-2010 iii
Overview viii
Outline for Comprehensive Annual Financial Report (CAFR) xiii
Section I: General Compliance  
Chapter 1 – Appointment, Scope and Declaration I-1.1
Chapter 2 – Meetings and Minutes I-2.1
Chapter 3 – ASSA & SEMI & DRTRS I-3.1
Chapter 4 – Budget & Transfers I-4.1
Chapter 5 – Bids & Contracts/Purchasing I-5.1
Chapter 6 – Chart of Accounts / Expenditure Classification I-6.1
Chapter 7 – Reserved I-7.1
Chapter 8 – Year End Procedures – Closing Out for GAAP I-8.1
Section II: Specific Compliance II-i
  Governmental Funds
    Fund 10 (General Fund):
Board Secretary and Treasurer Reports II-10.1
Cash Reconciliation II-10.1
Petty Cash Funds II-10.1
Summer Payment Plans II-10.1
SAS #70 Reports II-10.2
Third Party Disbursements II-10.2
Investments II-10.2
Revenues and Receipts II-10.4
Extraordinary Aid II-10.4
District Taxes II-10.4
Tuition (N.J.A.C. 6A:23-3) II-10.5
Reporting On-Behalf Payments II-10.6
Compensation Reporting II-10.7
Pensionable Wages II-10.7
Refunds II-10.8
Telecommunications Act of 1996 (E-rate) II-10.8
Cancellations II-10.8
Travel Expenditures II-10.9
Health Insurance Policies II-10.9
Sale and Lease-back Contracts II-10.10
Required Maintenance II-10.11
Restricted Appropriations/Balances II-10.11
Capital Reserve Account – General Fund II-10.13
Excess Surplus II-10.15
Excess Surplus for Districts Required to UseSchool-Based Budgeting (SBB) II-10.19
Excess Surplus – 6% Calculation – Vocational Districts II-10.25
Fund Balance Classifications II-10.25
Deficit Due to Delay of One or More June State Aid Payments II-10.30
Fund 20 (Special Revenue Fund):
TPAF Reimbursement II-20.1
TPAF Reimbursement for Districts Required to Use SBB II-20.1
Restricted State Aid II-20.4
ARRA Special Revenue Awards II-20.4
Preschool Education Aid II-20.4
Preparing the Preschool Restricted Aid Schedule II-20.5
Capital Projects, Debt Service, & Permanent Funds:
    Fund 30 (Capital Projects Fund):
Bond and Note Authorizations II-30.1
Bond Anticipation Notes II-30.1
General Borrowing Authority II-30.1
Bond Sales and Capital Projects Fund Activities II-30.3
Capital Project Approval under EFCFA II-30.3
Unexpended Bond Proceeds II-30.4
Unexpended Project Funds – Other Funding Sources II-30.5
School Development Authority (SDA) Grants under EFCFA II-30.5
Overexpenditures II-30.6
Rebatable Arbitrage II-30.6
Secondary Market Disclosures II-30.6
Lease Purchase Agreements II-30.7
Financial Reporting II-30.7
Capital Projects Fund Sample Schedules II-30.9
    Fund 40 (Debt Service Fund):
District Taxes II-40.1
Debt Service Aid II-40.1
Reporting II-40.1
Transfers II-40.1
Rebatable Arbitrage II-40.2
    Fund 50 (Permanent Fund)
GASB 34 Model for Permanent Funds .II-50.1
Proprietary & Fiduciary Funds:
    Fund 60 (Proprietary Fund):
Enterprise Funds II-60.1
Food Service – Enterprise Fund II-60.1
SAS #70 Reports II-60.3
Sample Food Service Invoices and Allocations II-60.4
Child Nutrition Program Requirements II-60.9
National School Lunch Rate Schedule II-60.15
Internal Service, Trust, and Agency Funds/Capital Assets and Long Term Debt:
    Fund 70 (Internal Service Funds) II-70.1
    Fund 80 (Trust Funds):
Trust Fund Reporting II-80.1
Unemployment Trust Fund II-80.1
Section 457 Deferred Compensation Plan II-80.2
    Fund 90 (Agency Fund)
Agency Funds II-90.1
Health Insurance Withholding II-90.1
Student Activity II-90.1
Liquidation Period Activity for Non-Operating Merged Districts II-90.1
Oganizations Under the Auspices of the School II-90.2
Fund Raising in Schools by Outside Organizations II-90.2
Funds of Teacher Organizations and Parent/Teacher Organizations II-90.3
Funds Collected by Teachers from Pupils for Immediate Purchase of Items II-90.3
    Capital Assets
Overview II-CA.1
Reporting Capital Assets II-CA.1
Capital Leases II-CA.2
Construction in Progress II-CA.2
Reporting Capital Assets Acquired Through Non-cash Grants II-CA.2
Sample Format – Capital Asset Subsidiary Ledger II-CA.2
Depreciation Expense II-CA.3
    Long-Term Liabilities
Overview II-LT.1
Compensated Absences II-LT.1
Other Postemployment Benefits (OPEB) II-LT.2
Early Retirement Incentive Program II-LT.2
Termination Benefits II-LT.3
Arbitrage Requirements II-LT.3
Single Audit:
Federal and State Audit Requirements II-SA.1
Risk Based Approach II-SA.3
Schedules of Expenditures of Federal Awards and State Financial Assistance II-SA.5
Title I-Schoolwide and Blended Resource Requirements II-SA.7
Preparing the Schedules of Expenditures of Federal Awards and State Financial Assistance II-SA.10
Federal (CFDA) Numbers II-SA.15
State Grant Account Numbers II-SA.17
Sample Schedule A (Federal Award) II-SA.18
Sample Schedule B (State Financial Assistance) II-SA.19
Sample Schedules of Findings and Questioned Costs II-SA.20
Sample Summary Schedule of Prior Audit Findings II-SA.25
Federal OMB Circular No. A-133 - Refer to Circular on web site:
http://www.whitehouse.gov/omb/
State Circular Letter No. 04-04-OMB – Refer to Circular at the NJOMB web site: http://www.state.nj.us/treasury/omb/
Section III: Reporting
Chapters 1-3
Chapter 1 --Audit Criterion and Submission III-1.1
Chapter 2 – Sample Opinion Reports
Directives for Auditor’s Reports III-2.1
Component Units III-2.1
Independent Auditor’s Report III-2.2
Chapter 3 –Note Disclosures and Statistical Section
Sample Notes for Schedules of Expenditures of Awards and  Financial Assistance III-3.2
Financial Statement Disclosures – Overview and Sample Notes III-3.4
GASB 34 Model Illustration of Reconciliation -
Notes to Required Supplementary Information III-3.6
Statistical Section III-3.11
Outline of NJ Statistical Section (GASB 44) III-3.12
Chapters 4 & 5
Chapter 4 – Auditor’s Management Report (AMR) III-4.1
Schedule of Audited Enrollments (ASSA) III-4.22
Chapter 5 – Audit Summary Worksheet Diskette III-5.1
Chapters 6 & 7
Chapter 6 – Audit Checklist & Questionnaire III-6.1
Chapter 7 – Synopsis and Corrective Action Plan III-7.1
Chapter 8 – Quality Assessment Review Checklist III-8.1