A) SCOPE OF SERVICES The Fiscal Year Ending March 31, 2025, Compliance and Financial audit will be performed in accordance with Generally Accepted Auditing Standards (GAAS), as promulgated by the American Institute of Certified Public Accountants (AICPA); Government Auditing Standards issued by the Comptroller General of the United States, the Single Audit Act of 1996, the provisions of OMB Revised Circular A-133/Consolidated OMB Omni circular (2 CFR Part 200), HUD Notice PIH 96-32, 24 CFR, Part 990, the Local Authorities Fiscal Control Law, and the New Jersey Administrative Code. HUD takes audits very seriously. As a background, in September 1998 HUD published revised Uniform Financial Reporting Standards (UFRS) for federal housing programs. The rule requires Public Housing Agencies (PHAs) to submit their unaudited and audited financial information to HUD electronically within two months and nine months respectively after the close of the fiscal year. The rule also requires that the entity’s financial statements be prepared in accordance with generally accepted accounting principles (GAAP). The audit will cover all financial operations of the Jersey City Housing Authority for the period from April 1, 2024, to March 31, 2025. The following pages detail the Authority’s Programs, projected expenses and operations. The Auditor will determine whether: 1) The financial statements of the Jersey City Housing Authority present fairly its financial position and the results of its financial operations in accordance with generally accepted accounting principles. 2) The Jersey City Housing Authority has internal accounting and other control systems to provide reasonable assurance that it is managing HUD and its other programs in compliance with applicable laws and regulations; and 3) The Jersey City Housing Authority has complied with laws and regulations that may have a material effect on its financial statements and on each major HUD assistance program.
