Get the free New Jersey Single Audit Requirements & Certification

This certification form is required by the New Jersey Department of Law and Public Safety for subrecipients to confirm their compliance with State Single Audit requirements as per OMB Circular 15-08-OMB. It outlines the audit requirements based on the amount of federal and state financial assistance expended during the fiscal year.

How to fill out new jersey single audit

How to fill out new jersey single audit

1. Review the requirements of the New Jersey Single Audit as specified by the Office of Management and Budget.
2. Determine if your organization has expended $750,000 or more in federal funds during the fiscal year, which triggers the need for an audit.
3. Gather necessary documentation including financial statements, grant agreements, and records of federal expenditures.
4. Select an independent auditor who is qualified to conduct a Single Audit, ensuring they have experience with federal programs.
5. Prepare for the audit by organizing records and establishing a timeline for the auditor's fieldwork.
6. Facilitate the auditor's activities by providing access to financial documentation and answering questions during the audit process.
7. Review the auditor's draft report and discuss any findings or necessary corrective actions before finalization.
8. Submit the final audit report to the Federal Audit Clearinghouse and relevant state agencies by the required deadlines.

Who needs new jersey single audit?

1. Organizations that receive federal funding and expend $750,000 or more in federal funds during their fiscal year.
2. Non-profit organizations, governmental entities, and certain educational institutions that meet the expenditure threshold.
3. Entities participating in federally funded programs or grants administered by New Jersey state agencies.

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What is new jersey single audit?

The New Jersey Single Audit is an audit requirement that applies to state and local governments and certain non-profit organizations that receive federal funds. It assesses compliance with federal regulations and the effectiveness of internal controls over financial reporting.

Who is required to file new jersey single audit?

Entities that expend $750,000 or more in federal funds during a fiscal year are required to file a New Jersey Single Audit.

How to fill out new jersey single audit?

To fill out a New Jersey Single Audit, organizations must prepare financial statements, develop a schedule of expenditures of federal awards, and conduct the audit in accordance with the guidelines provided in the Office of Management and Budget's Uniform Guidance.

What is the purpose of new jersey single audit?

The purpose of the New Jersey Single Audit is to ensure accountability in the use of federal funds, enhance transparency, and ensure compliance with federal laws and regulations.

What information must be reported on new jersey single audit?

The New Jersey Single Audit must report on the financial statements, the schedule of expenditures of federal awards, compliance with federal program requirements, and internal control over financial reporting.