New Jersey S3132 mandates the Division of Taxation to audit out-of-State contractors involved in State and private contracts.
New Jersey S3132 requires the Division of Taxation to conduct audits of out-of-State contractors who have entered into State or private contracts. These audits will determine if administrative expenses are properly allocated and reasonable, review internal financial controls, and assess the annual financial report of the contractor. The Division of Taxation must submit the audit results to the contracting agency and an annual report to the Governor and the Legislature.
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