The School District/Charter School Audit Program

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Introduction PAGE
Significant Changes i
Other Changes/Updates for 2012-2013 ii
Overview xii
Outline for Comprehensive Annual Financial Report (CAFR) xvi
Section I: General Compliance  
Chapter 1 – Appointment, Scope and Declaration I-1.1
Chapter 2 – Meetings and Minutes I-2.1
Chapter 3 – ASSA, Charter School Aid, 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-10.2
Petty Cash Funds II-10.2
Summer Payment Plans II-10.2
SSAE No. 16 Reports II-10.2
Third Party Disbursements II-10.3
Investments II-10.3
Revenues and Receipts II-10.5
Insurance Recoveries II-10.5
Community Disaster Loans (CDL) II-10.6
Other Reimbursements II-10.6
Extraordinary Aid II-10.7
District Taxes II-10.7
Tuition (N.J.A.C. 6A:23A-17) II-10.8
Reporting On-Behalf Payments II-10.9
Compensation Reporting II-10.10
Pensionable Wages II-10.10
Refunds II-10.11
Telecommunications Act of 1996 (E-rate) II-10.11
Cancellations II-10.12
Travel Expenditures II-10.12
Health Insurance Policies II-10.12
Sale and Lease-back Contracts II-10.14
equired Maintenance II-10.14
Restricted Appropriations/Balances II-10.15
Capital Reserve Account – General Fund II-10.16
Excess Surplus II-10.19
Fund Balance Classifications II-10.21
Deficit Due to Delay of One or More June State Aid Payments II-10.28
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
FEMA Reimbursements II-20.4
Preschool Education Aid II-20.5
Preparing the Preschool Restricted Aid Schedule II-20.6
Capital Projects Fund (30), Debt Service Fund (40), and Permanent Fund (50)  
Fund 30 (Capital Projects Fund):  
Capital Projects – Charter Schools II-30.1
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-30.4
Capital Project Approval under EFCFA II-30.4
Unexpended Bond Proceeds  II-30.5
Unexpended Project Funds – Other Funding Sources II-30.6
School Development Authority (SDA) Grants under EFCFA II-30.6
Overexpenditures II-30.7
Rebatable Arbitrage II-30.7
Secondary Market Disclosures II-30.8
Lease Purchase Agreements II-30.8
Financial Reporting II-30.8
Capital Projects Fund Sample Schedules II-30.10
Fund 40 (Debt Service Fund): [Not Applicable to Charter Schools]  
District Taxes II-40.1
SDA Assessment II-40.1
Debt Service Aid II-40.1
Reporting II-40.1
Transfers II-40.2
Rebatable Arbitrage II-40.2
Fund 50 (Permanent Fund)  
GASB 34 Model for Permanent Funds II-50.1
Proprietary Funds  
Fund 60 (Proprietary Fund):  
Enterprise Funds II-60.1
Food Service – Enterprise Fund II-60.1
SSAE No. 16 Reports II-60.3
Insurance Recoveries and Impairment Losses II-60.4
Sample Food Service Invoices and Allocations II-60.5
Child Nutrition Program Requirements II-60.10
National School Lunch Rate Schedule  II-60.17
Internal Service Fund (70), Trust & Agency Funds (80 & 90), Capital Assets, and Long Term Liabilities  
Fund 70 (Internal Service Funds) II-70.1
Self Insurance (Self Financing) II-70.2
Fiduciary Funds:  
Fund 80 (Trust Fund):  
Trust Fund Reporting II-80.1
Unemployment Trust Fund II-80.1
Section 457 Deferred Compensation Plan II-80.2
Fund 90 (Agency Fund):  
Payroll Funds II-90.1
Health Insurance Withholding II-90.1
Section 125 Flexible Spending Accounts II-90.2
Student Activity II-90.2
Organizations Under the Auspices of the School II-90.2
Fund Raising in Schools by Outside Organizations II-90.3
Funds of Teacher Organizations and Parent/Teacher Organizations II-90.3
Funds Collected by Teachers from Pupils for Immediate Purchase of Items II-90.4
Capital Assets  
Overview II-CA.1
Reporting Capital Assets II-CA.1
Capital Leases II-CA.2
Construction in Progress  II-CA.3
Reporting Capital Assets Acquired Through Non-cash Grants II-CA.3
Sample Format  – Capital Asset Subsidiary Ledger II-CA.3
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 Audit Requirements II-SA.1
State Audit Requirements II-SA.3
AICPA Single Audit Guidance II-SA.3
Risk Based Approach II-SA.3
Schedules of Expenditures of Federal Awards and State Financial Assistance II-SA.5
Federal Awards: Carryover/Deferred Revenue/Due  
Back to Granter II-SA.5
Title I-Schoolwide and Blended Resource Requirements II-SA.7
Fund 15 – GAAP Basis Expenditure Testing II-SA.8
Fund 15 – Blended Resource Testing II-SA.8
Fund 15 – Budgetary Basis Encumbrance Testing II-SA.9
State Awards: Carryover/Deferred Revenue/Due  
Back to Granter II-SA.10
Preparing the Schedules of Expenditures of Federal Awards and State Financial Assistance II-SA.11
Federal (CFDA) Numbers  II-SA.17
State Grant Account Numbers II-SA.20
Sample Schedule A (Federal Award) II-SA.21
Sample Schedule B (State Financial Assistance)  II-SA.22
Sample Schedules of Findings and Questioned Costs  II-SA.23
Sample Summary Schedule of Prior Audit Findings II-SA.28
   
Federal OMB Circular No. A-133 - Refer to Circular on web site  
http://www.whitehouse.gov/sites/default/files/omb/assets/a133/a133_revised_2007.pdf  
State Circular Letter No. 04-04-OMB – Refer to Circular at the NJOMB web site:
http://www.state.nj.us/infobank/circular/circindx.htm
 
                                         
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-3.12
Outline of NJ Statistical Section (GASB 44)  III-3.13
Chapters 4-5  
Chapter 4 – Auditor's Management Report (AMR)  III-4.1
Schedule of Audited Enrollments (ASSA – districts)  III-4.22
Schedule of Audited Enrollments (charter schools)  III-4.22
Excess Surplus Calculation  III-4.25
Chapter 5 – Audit Summary Worksheet  III-5.1
Chapters 6-7  
Chapter 6 – District Administrative Questionnaire & Audit Preparation Checklist & Independent Audit Firm Questionnaire III-6.1
Chapter 7 – Synopsis; Corrective Action Plan (CAP); Certification of Implementation of Prior Year's CAP III-7.1
Chapter 8 – Quality Assessment Review (QAR) Checklist III-8.1