Policy No. 600
Area: Finance Department
Revisions Approved: 9/23/08
Description: Accounting and Finances
I. Accounting and Finances:
(a) The accounting system and reports of Atlantic Cape Community College shall be maintained in accordance with Chapter 5 of the most recent edition of College and University Business Administration published by the National Association of College and University Business Officers, One Dupont Circle, Washington, D.C. 20036 and any subsequent revisions thereof except where otherwise specified in this Standard. Atlantic Cape Community College shall adopt a system of accounts consistent with the standards and guidelines of the American Institute of Certified Public Accountants (AICPA). Costs borne by the state and county on behalf of the college shall not be reflected on the financial statements and related reports of the college.
(b) As required by N.J.A.C. 9A:1-1.7, not later than December 31, Atlantic Cape Community College shall file with the Education and Local Government Section of the Office of Management and Budget an audit of the college's accounts and financial transactions for the previous fiscal year. Atlantic Cape Community College shall also file an audit of student enrollment by November 1. These audits shall be conducted by a certified public accountant of New Jersey. The financial audit shall be in accordance with the Industry Audit Guide for Audits of Colleges and Universities, as amended by AICPA Statement of Position (SOP) 74-8, Financial Accounting and Reporting by Colleges and Universities, and as modified by applicable Financial Accounting Standards Board (FASB) pronouncements issued through November 30, 1989, and as modified by all applicable GASB pronouncements cited in Codification Section Co5, Colleges and Universities. The enrollment audit shall be in accordance with the Accounting Standards, the New Jersey Administrative Code, and standards established by American Institute of Certified Public Accountants.
“Accounting Standards” refers to the auditing and accounting standards for State support. These accounting standards are recommended by the Council of County Colleges for use by the Department of Treasury pursuant to N.J.S.A. 18A:4A-22 & 29.
(c) The audit engagement shall require that the lead and reviewing audit partners will rotate off the audit engagement every five years.
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