a) Gaston College Financial Statement Audit 1. An audit opinion on the financial statements (GASB based financials). 2. The audit must be conducted in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards, issued by the Comptroller General of the United States. 3. Note: the fiscal 2024 financial statements were not audited. b) Gaston College Project Specific Yellow Book Audit in accordance with 09 NCAC 03M. 1. State Capital Infrastructure Fund Project c) Gaston College Foundation Audit 1. An audit opinion on the financial statements (FASB based financials) 2. The audit must be conducted in accordance with the auditing standards generally accepted in the United States of America. 3. Note: the fiscal 2024 financial statements were not audited. 4. Assistance with the preparation of the financial statements d) Gaston College Foundation IRS Form 990 preparation e) The audit scope will include a determination as to whether the financial statements are presented in accordance with the appropriate accounting principles of the organization (i.e. GASB or FASB). The financial statements must also follow statewide accounting policies, as established by the Office of the State Controller.
