Specifications include, but are not limited to: 1. Provide the University and Sub-Entity with an annual audit of their respective financial statements in accordance with Generally Accepted Auditing Standards (GAAS) as set forth by the American Institute of Certified Public Accountants (AICPA), and the standards applicable to financial audits contained in the Generally Accepted Governmental Auditing Standards, where applicable. 2. Provide the University and Sub-Entity each with an annual audit of State and Local Governments and Non-Profit Organizations in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 3. Provide the University and Sub-Entity each with an annual audit of State Grants and Contracts in accordance with New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, as amended and Generally Accepted Governmental Auditing Standards. 4. Prepare audit reports, including an opinion on each the University and Sub-Entity Financial Statements. Electronic versions and twenty-five (25) hard copies will be required. 5. Provide Management Letters at the end of each annual audit, as considered necessary, which includes comments on each the University’s and Sub-Entity’s internal control structures, adequacy of accounting procedures, and other matters of significance along with the firm’s recommendations to assist the University in making improvements and achieving operational efficiencies. An electronic version and twenty-five (25) hard copies will be required.
