This bill mandates the Division of Local Government Services within the Department of Community Affairs to conduct audits of shared services agreements and authorities. The audits will be performed by a certified public accountant and will cover agreements made under the "Uniform Shared Services and Consolidation Act," the "Municipal Shared Services Energy Authority Act," and the "Regional Rehabilitation and Reentry Center Authority Act." The bill outlines a specific audit schedule based on the annual expenditures of the agreements or authorities, requiring annual audits for those exceeding $10 million, biennial audits for those between $2 million and $10 million, and audits every 30 months for those under $2 million. The results of these audits will be made publicly available on the division's website.

Additionally, the bill authorizes the Director of the Division of Local Government Services to establish rules and regulations to implement its provisions. The act is set to take effect on the first day of the third month following its enactment, although the director may take necessary administrative actions in advance to facilitate implementation.