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 since the issuance of a previous report under Executive Order No. 5 of 2018. The audit must be completed within 90 days of the bill's effective date and will assess the impact of the COVID-19 pandemic on service demand, evaluate current funding sources, and recommend policies and best practices for improvement. The findings and recommendations from this audit will be submitted to both the Governor and the Legislature.

Furthermore, the NJT is required to adopt the recommended policies and best practices within six months of receiving the audit report. However, the corporation can choose not to adopt specific recommendations if seven members of its board affirmatively vote against it, provided they offer a detailed explanation for this decision. The act will take effect immediately and will expire one year after the issuance of the audit report. Importantly, this legislation does not alter any existing obligations of the NJT to conduct audits or studies as mandated by current law.