N.J. Admin. Code § 6A:23A-22.12

Current through Register Vol. 57, No. 1, January 6, 2025

Section 6A:23A-22.12 - Internal controls

(a) As a condition of receiving charter school aid, State school aid, or renaissance school project aid, each charter school or renaissance school project shall establish specific policies and procedures on internal controls to provide management with reasonable assurance that the charter school's goals and objectives will be met and that meet the requirements at N.J.A.C. 6A:23A-22.6 through 22.15. Internal controls shall promote operational efficiency and effectiveness, provide reliable financial information, safeguard assets and records, encourage adherence to prescribed policies, and comply with law and regulation.

(b) The specific internal controls in this subchapter shall be established together with other internal controls in accordance with N.J.A.C. 6A and other law and regulations, required by professional standards, including auditing standards generally accepted in the United States pursuant to GAAP, standards contained in Government Auditing Standards (GAS) issued by the Comptroller General of the United States, and as deemed necessary and appropriate by the charter school's or renaissance school project's management. Any charter school or renaissance school project may submit a written request to the Commissioner to approve an alternate system, approach, or process for implementing the internal controls required in this subchapter. The application shall include documented evidence that includes, but is not limited to, an independent, third-party written assessment that the alternative system, approach, or process will achieve the same safeguards, efficiency, and other purposes as the specified internal control requirement(s).

Amended by 49 N.J.R. 1079(a), effective 5/1/2017

Amended by 56 N.J.R. 2166(a), effective 11/4/2024