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