The New Jersey Transit Accountability Act mandates that the New Jersey Transit Corporation (NJT) hire an independent firm to conduct a comprehensive audit of its financial management and budget reporting practices. This audit must cover the period since the issuance of a previous report under Executive Order No. 5 of 2018 and must address several key areas: the financial management and budget reporting practices of NJT, the impact of the COVID-19 pandemic on service demand and financial needs, an evaluation of current funding sources, and recommendations for policies and best practices to improve governance and customer experience. The findings and recommendations from this audit will be submitted to both the Governor and the Legislature.

Furthermore, the bill stipulates that NJT must adopt the recommended policies and best practices within six months of receiving the audit report. However, NJT's board of directors can choose not to adopt specific recommendations if they provide a detailed explanation for their decision within the same timeframe. Importantly, this legislation does not alter any existing legal obligations NJT has to conduct audits or studies. The act is set to take effect immediately and will expire one year after the issuance of the required audit report.