The audit of the NJPBA is to be performed on a QuickBooks general ledger system that contains all of the NJPBA financial transactions. That ledger includes the transactions associated with the NJPBA of the State of New Jersey Consolidated Financial System. Financial records are maintained on a hybrid cash/accrual basis during the year and converted to full accrual at year end. The QuickBooks accounting system is not fully automated. While the NJPBA is the client for this audit, PMNJ has consented to the use of their audit for the purpose of combining financial statements. The objective of this annual audit is to express an opinion as to the fair presentation of the balance sheet statement and related statements of revenues, expenditures and changes in fund balance for the NJPBA. Although the NJPBA will be responsible for the initial CPB annual report, the auditor will be required to provide assistance with the year end accruals, closing entries, and preparation of the CPB final report. Testing will include but not be limited to: a. Preparation of financial statements (Statement of Revenues and Expenses, Changes in Net Assets, Statement of Cash Flow), postings to general ledger, journal transactions, crosswalk entries from NJCFS system. b. Examination of non-Federal financial support amounts reported in AFR required by Corporation of Public Broadcasting including: support and revenue, cash receipts classification, allocation methods for calculating indirect administrative support, indirect costs. c. Closing entries for disposition of assets.
