N.J. Admin. Code § 16:42-8.1 - Audit requirements
(a) A
sponsor under this chapter shall comply with the State of New Jersey single
audit policy for recipients of Federal grants, State grants, and State aid
defined by the Department of the Treasury, Office of Management and Budget, and
the Single Audit Act of 1984 (Federal OMB Circular A-133), incorporated herein
by reference, as amended and supplemented, and all requirements as set forth in
the agreement. Copies of these circulars can be obtained from the New Jersey
Department of the Treasury, Office of Management and Budget at
http://www.nj.gov/infobank/circular/cir1508_omb.pdf
or by regular mail from:
New Jersey Department of the Treasury
Office of Management & Budget PO Box 221
Trenton, NJ 08625-0221
(b) The Department shall direct that an audit
of the sponsor be performed by an independent auditor or public accountant who
meets the standards specified in generally accepted government auditing
standards in conformity with State audit policy.
(c) Audit costs incurred by sponsors in order
to comply with this subchapter are not reimbursable.
(d) The Department, or any authorized
representatives, shall have access to any books, documents, papers, and records
that are pertinent to the sponsorship agreement or program, for the purpose of
audit and examination.
(e) A sponsor
shall establish and maintain an accounting record for each sponsorship
agreement or program that identifies the agreement or program costs.
(f) A sponsor shall maintain effective
control over and accountability for all agreement or program funds, property,
and other assets allocated for sponsorship agreement or program use. Sponsors
shall adequately safeguard all sponsorship agreement or program assets and
shall ensure that they are used solely for authorized purposes.
(g) The Department shall have access to the
sponsor's records for purposes of accounting and audit at no cost to the
Department.
Notes
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