New Jersey § 32:36-11

having an identical effect to L.2019, c. 195, § 11 . > Commission audits and financial statements. a. The 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. b. The 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: (1) all critical accounting policies and practices to be used; and (2) other 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. c. Every 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. d. Notwithstanding 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. e. The 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: (1) bookkeeping or other services related to the accounting records or financial statements

of such Commission; (2) financial information systems design and implementation; (3) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (4) actuarial services; (5) internal audit outsourcing services; (6) management functions or human services; (7) broker or dealer, investment advisor, or investment banking services; and (8) legal services and expert services unrelated to the audit. f. The 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. g. The 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.