N.J. Admin. Code § 11:20-2.8

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:20-2.8 - Audits

(a) The Board shall have an annual audit of its operations conducted by a qualified independent certified public accountant.

1. The auditor shall be selected and approved by the Board through a competitive bidding process of certified public accountants qualified in New Jersey to perform audits of entities like the Board.

2. The annual audit shall include the following items:

i. A review of the handling and accounting of assets and monies of the IHC Program;

ii. A determination that administrative expenses have been properly allocated and are reasonable;

iii. A review of the internal financial controls of the IHC Program; and

iv. A review of the annual financial report of the IHC Program.

3. A copy of the annual audit and related management letters shall be delivered to each Director and to the Commissioner. The annual audit report shall be reviewed by the Technical Advisory Committee or Operations and Audit Committee, or both Committees, which shall present its recommendations to the Board for implementation of findings and recommendations made by the auditor. The actions adopted shall be reported to the Commissioner.

(b) The Board may, from time to time, direct that a member carrier arrange, or the Board may arrange, to have an audit conducted by an independent certified public accountant and a copy of the audit report of the member carrier delivered to the Board. All information regarding an audit of a member carrier conducted pursuant to this subsection shall be confidential and protected from disclosure by the member carrier, by the auditing firm, by the Board and the Commissioner.

N.J. Admin. Code § 11:20-2.8

Amended by R.1998 d.443, effective 8/7/1998.
See: 30 N.J.R. 2581(a), 30 N.J.R. 3289(a).
In (a), inserted "or Operations Committee, or both Committees" following "Technical Advisory Committee" in 3; and added a new (c).
Amended by R.2006 d.15, effective 1/3/2006.
See: 37 N.J.R. 2994(a), 38 N.J.R. 311(a).
In (a), substituted "entities like the Board" for "the type of entity" in 1 and inserted "and Audit" following "Operations" in 3; in (c), rewrote the introductory paragraph and updated references to Exhibit K of the chapter Appendix throughout; in (c)1ii, added a comma following "including"; in (c)1iv, substituted "forth" for "for".
Amended by R.2011 d.163, effective 6/6/2011.
See: 43 N.J.R. 131(a), 43 N.J.R. 1353(a).
Deleted (c).
Amended by R.2018 d.197, effective 6/12/2018.
See: 50 N.J.R. 1412(a), 50 N.J.R. 2329(a).
In (a)2iii, inserted "and"; in (a)2iv, substituted a period for "; and"; and deleted (a)2v.