New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 6 - ANNUAL AUDIT
Section 5:30-6.4 - Synopsis of audit

Universal Citation: NJ Admin Code 5:30-6.4

Current through Register Vol. 56, No. 24, December 18, 2024

(a) Within 30 days of receipt of the annual audit, the clerk of the county board of commissioners, the municipal clerk, or the secretary of the regional service agency, as applicable, shall have a synopsis of audit published at least once in the official newspaper of the local unit, if there is one, or if there is none, in a newspaper published in the local unit. If there is no newspaper published within the local unit, it shall be published in a newspaper having a general circulation in the local unit. The synopsis of audit shall include the following:

1. A comparative balance sheet;

2. A comparative statement of revenue, expenses/expenditures, and changes in retained earnings/fund balance;

3. A summary of all comments, findings, and recommendations. If the audit contains one or more findings repeated from the prior year's annual audit, the summary shall specifically identify those findings as repeat findings; and

4. If the annual audit contains one or more findings, a statement that a corrective action plan outlining actions to be taken to correct the finding or findings will be placed on file for public inspection with the clerk of the county board of commissioners, the municipal clerk, or the secretary of the regional service agency, as applicable. The statement shall include the date on which the corrective action plan will be on file with the clerk or secretary, as applicable, which date shall be no later than 60 days from the date on which the registered municipal accountant filed the completed annual audit with the local unit.

(b) If the clerk of the county board of commissioners, the municipal clerk, or the secretary of the regional service agency, as applicable, fails to have publication of the synopsis and recommendations made within 30 days of receipt of the annual audit, the clerk shall be subject to a fine of $ 10.00 payable to the local unit for each day after the expiration of the 30 days that such publication fails to appear.

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