N.J. Admin. Code § 13:45B-13.5A

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

Section 13:45B-13.5A - Audits

(a) Commencing May 21, 2021, and every third year from that date, a health care service firm shall submit an audit to the Division that complies with the requirements of (b) below as part of the renewal of registration required under N.J.A.C. 13:45B-13.5.

(b) The audit required by (a) above shall:

1. Be conducted by a certified public accountant licensed in New Jersey and shall encompass an examination of the health care service firm's financial records, financial statements, the general management of its operations, and its internal control systems;

2. Include an audit report with an unqualified opinion and shall be accompanied by any management letters prepared by the auditor in connection with the audit commenting on the internal controls or management practices of the health care service firm; and

3. Be divided into two components of which:

i. One is a compliance component that evaluates the health care service firm's compliance with laws and rules governing health care service firms; and

ii. One is a financial component that includes an audit of the financial statements and accompanying notes, as specified in the Statements on Auditing Standards issued by the American Institute of Certified Public Accountants.

N.J. Admin. Code § 13:45B-13.5A

Adopted by 50 N.J.R. 1292(a), effective 5/21/2018