• Audit the financial statements of the business-type activities, which comprise the basic financial statements of the Garden State Municipal Joint Insurance Fund (the “Fund”) for each fiscal year to include the following supplementary information required by generally accepted accounting principles that will be subject to certain limited procedures, but will not be audited: o Management’s discussion and analysis. o Supplementary Schedules and Data. • The expression of an opinion as to whether the Fund’s financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of additional information referred to in the first paragraph when considered in relation to the financial statements taken as a whole. The audit will be conducted in accordance with U.S. generally accepted auditing standards; the audit requirements prescribed by the Departments of Community Affairs and Insurance, State of New Jersey and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and will include tests of the accounting records of the Fund and other procedures considered necessary to enable the expression of such opinion. • If the opinion on the financial statements is other than unqualified, fully discuss the reasons with the Fund in advance. • Provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with laws, regulations, and the provision of grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. Such report to include a statement that the report is intended solely for the information and use of the audit committee, management, and other legislative or regulatory bodies and is not intended to be and should not be used by anyone other than these specified parties. • Present results of audit to the Fund Commissioners at a regularly-scheduled Fund Meeting.
