4.1006 Standards for Auditing & Accounting

Disclaimer: The content on this webpage appears as a courtesy to site visitors and is for general informational purposes only. To obtain a copy of the official applicable policy or regulation, please contact Brookdale’s Public Records Custodian via the Public Records webpage of the Brookdale website at https://www.brookdalecc.edu/about/public-records

I. Title of Policy

Standards for Auditing and Accounting

II. Objective of Policy

To establish criteria and responsibilities for accounting practices and the engagement of independent certified public accountants to ensure the accuracy, reliability, and compliance of the College’s financial reporting.

III. Authority

N.J.S.18A:3B et seq, N.J.A.C.9A:1-1.7(c), Single Audit Act of 1984. and 18A:64A-12
Bylaws 1.2050 and 1.3054.

IV. Policy Statement

The Administration shall establish standards for auditing and accounting practices, and shall develop appropriate College regulations to implement this policy. In this process, the Administration shall adhere to the following:

A. The accounting system and reports of the 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, and any subsequent revisions thereof except where otherwise specified in this Standard. The College shall adopt a system of accounts consistent with the standards and guidelines of the American Institute of Certified Public Accountants (AICPA).

B. As required by N.J.A.C.9A:1-1.7(c) and the Single Audit Act of 1984 as amended, not later than December 31, the College shall annually file with the Commission on Higher Education and with the Office of Management and Budget, Department of the Treasury, (i) a copy of its audited financial statement and management letter(s) (if issued). By November 1 the College shall also file with the foregoing agencies an audit of student enrollment. These audits shall be conducted by a certified public accountant. 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 Boards (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 these Standards, the New Jersey Administrative Code, and standards established by American Institute of Certified Public Accountants.

C. The audit engagement shall require that the lead and reviewing partners will rotate off the audit engagement every five years.

V. Responsibility for Implementation

President.

Approved: 1/25/96 Revised: 2/9/06
Approved: Board of Trustees, 10/29/2019
Approved: Board of Trustees, 02/25/2025

View / download for printing