New Jersey Statutes 40A:5-4. Annual audit required; extensions
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Terms Used In New Jersey Statutes 40A:5-4
- check: means the instrument by which moneys of any local unit are disbursed. See New Jersey Statutes 40A:5-2
- director: means the Director of the Division of Local Government Services in the Department of Community Affairs. See New Jersey Statutes 40A:1-1
- governing body: means the governing body of a county or the commission, council, board or body having control of the finances of a municipality or any other local unit as defined herein. See New Jersey Statutes 40A:5-2
- local unit: means any county, municipality, special district or any public body corporate and politic created or established under any law of this State by or on behalf of any one or more counties or municipalities, or any board, commission, department or agency of any of the foregoing having custody of funds, but shall not include a school district. See New Jersey Statutes 40A:5-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
40A:5-4. The governing body of every local unit shall cause an annual audit of its books, accounts and financial transactions to be made and completed within six months after the close of its fiscal year. The governing body of every local unit may by resolution petition the Director of the Division of Local Government Services in the Department of Community Affairs for an extension to complete and file the annual audit with the division. Upon good cause being shown the director may grant an extension upon whatever terms or conditions he may deem reasonable. The determination of the director in the granting of an extension is final.
The governing body of every local unit shall employ a registered municipal accountant of New Jersey to prepare its annual audit or it shall enter into an agreement with the Director of the Division of Local Government Services for an annual audit to be made by qualified employees of the division. The director shall establish a fee based upon the time spent and other expenses incurred by qualified employees of the division when conducting the annual audit for a local unit. The local unit shall upon request for payment for audit services, forward a check to the director, payable to the State Treasurer.
Amended 1977,c.396,s.1; 1991,c.216.