{"data":{"id":"us-nj/n.j.-stat.-18a-3b-48","jurisdiction":"us-nj","citation":"N.J. Stat. § 18A:3B-48","heading":"Audit committee.","body":"3. a. The governing board of a public research university or a State college shall establish an audit committee. The chairman of the committee shall have accounting or related financial management expertise and the governing board shall make efforts to ensure that a majority of the members of the committee have such expertise.\nb.\tThe audit committee shall have a written charter that addresses the committee's purpose and responsibilities which shall include, but not be limited to:\n(1)\tassisting the board in ensuring and safeguarding the integrity of the institution's financial statements;\n(2)\tassisting the board in overseeing and evaluating the performance of outside auditors retained by the institution;\n(3)\tassisting the board in overseeing and evaluating the performance of the institution's internal audit function;\n(4)\tensuring that allegations of misconduct or conflict of interest are evaluated and investigated; and\n(5)\tensuring the institution's compliance with all relevant legal and regulatory requirements.\nc.\tThe audit committee shall prepare an annual audit committee report for submission to the institution's governing board.\nd.\tThe committee shall keep minutes of its meetings.\nL.2009, c.308, s.3.","path":["TITLE 18A EDUCATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"370bc9ff39a914de8ecd1f862508e91116535a2164306e6ecdb71cd6f734dab4","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-18a-3b-47","next":"us-nj/n.j.-stat.-18a-3b-49"},"notice":"GroundRules: Original legal text. Not legal advice."}