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 be completed within 90 days of the bill's effective date and will assess the corporation's operations since the issuance of a previous report under Executive Order No. 5 of 2018. The independent firm is tasked with evaluating the impact of the COVID-19 pandemic on service demand, the adequacy of current funding sources, and providing recommendations for policies and best practices to improve decision-making, governance, personnel protocols, and customer experience.

Following the audit, NJT is required to adopt the recommended policies and practices within six months, although it may choose not to adopt specific recommendations if it provides a detailed explanation for such decisions. The act also clarifies that it does not alter any existing obligations NJT has to conduct audits or studies as mandated by current law. The act will take effect immediately and will expire one year after the issuance of the audit report.