{"data":{"id":"us-nj/n.j.-stat.-32-36-11","jurisdiction":"us-nj","citation":"N.J. Stat. § 32:36-11","heading":"Commission audits and financial statements.","body":"11.\tCommission audits and financial statements.\na.\tThe Commission shall prepare financial statements on an annual basis, in accordance with generally accepted accounting principles, known as GAAP, and the accounting standards issued by the governmental accounting standards board, known as GASB.\nb.\tThe board shall arrange for an independent firm of certified public accountants to perform an audit of the financial statements of the Commission each year, in accordance with generally accepted accounting principles and standards referenced in subsection a. of this section. Each independent firm of certified public accountants that performs any audit required by this section shall timely report to the board:\n(1)\tall critical accounting policies and practices to be used; and\n(2)\tother material written communications, that is not privileged or confidential, between the independent firm of certified public accountants and the management of the Commission, including the management letter along with management's response or plan of corrective action, material corrections identified, or schedule of unadjusted differences.\nc.\tEvery financial statement prepared pursuant to this section shall be approved by the board. As a condition to the issuance of the annual financial statements of the Commission, the chief executive officer and the chief financial officer of the Commission shall be required to make a written certification that, to the best of their knowledge and belief, the financial and other information in the consolidated financial statements is accurate in all material respects and has been reported in a manner designed to present fairly the Commission's net assets, changes in net assets, and cash flows, in accordance with generally accepted accounting principles and standards referenced in subsection a. of this section; and, that on the basis that the cost of internal controls should not outweigh their benefits, the Commission has established a comprehensive framework of internal controls to protect its assets from loss, theft, or misuse, and to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements in accordance with generally accepted accounting principles and standards referenced in subsection a. of this section.\nd.\tNotwithstanding any other provision of law to the contrary, the Commission shall not contract with an independent firm of certified public accountants for audit services to the authority if the lead or coordinating audit partner having primary responsibility for the audit, or the audit partner responsible for reviewing the audit, has performed audit services for the two previous fiscal years of the Commission.\ne.\tThe Commission shall not contract with the independent firm of certified public accountants performing the Commission's audit for any non-audit services to such Commission contemporaneously with the audit including:\n(1)\tbookkeeping or other services related to the accounting records or financial statements of such Commission;\n(2)\tfinancial information systems design and implementation;\n(3)\tappraisal or valuation services, fairness opinions, or contribution-in-kind reports;\n(4)\tactuarial services;\n(5)\tinternal audit outsourcing services;\n(6)\tmanagement functions or human services;\n(7)\tbroker or dealer, investment advisor, or investment banking services; and\n(8)\tlegal services and expert services unrelated to the audit.\nf.\tThe Commission shall not contract with an independent firm of certified public accountants for any audit service if the chief executive officer, chief financial officer, or any other person serving in an equivalent position for the Commission, was employed by that independent firm of certified public accountants and participated in any capacity in the audit of the Commission during the one-year period preceding the date of the initiation of the audit.\ng.\tThe Commission shall make accessible to the public via its website an executive summary of its most recent independent audit report unless such information is exempt from disclosure pursuant to either state's freedom of information laws.\nL.2019, c.195, s.11.","path":["TITLE 32 INTERSTATE AND PORT AUTHORITIES AND\t\t\t\tCOMMISSIONS"],"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":"653d5251c7d5288a6407c75093b56722e84f9a47e1732b814c14bcfcf3c7707d","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-32-36-10","next":"us-nj/n.j.-stat.-32-36-12"},"notice":"GroundRules: Original legal text. Not legal advice."}