How often must municipalities conduct a comprehensive audit in New Jersey?

Municipalities in New Jersey are required to conduct a comprehensive audit annually. This requirement is set forth in the Local Fiscal Affairs Law, which emphasizes the importance of ongoing oversight and transparency in municipal financial management. The annual audit provides an objective assessment of the municipality's financial statements and ensures compliance with statutory obligations and proper financial practices.

Regular audits are vital for identifying any issues or discrepancies, which can enhance the accountability of financial operations and provide stakeholders with valuable insights into the municipality's financial health. By conducting these audits every year, municipalities are better positioned to maintain financial integrity and instill confidence in their fiscal operations among the public and governing bodies.