Comptroller: No noncompliance issues with audited financial statements

TRENTON – The state Comptroller released its report concerning the state’s audited financial statements for the year ending June 30, and found no instances of noncompliance or internal control deficiencies.

In a letter sent to the governor, Senate president, Assembly speaker and the Office of Legislative Services, the Comptroller reported that a goal is to obtain “reasonable assurance” that New Jersey’s financial statements are free of “material misstatement.”

According to Comptroller Stephen Eells, what this report is stating is that “material dollar balances are being appropriately represented … the numbers are represented properly.”

This report specifically does not address effectiveness of those internal controls, Eells explained.

The report is meant to be looked at in conjunction with the Comprehensive Annual Financial Report for the fiscal tear ended June 30 recently issued and which  can be found on the Office of Management and Budget web site.

Among other things, that report, filed earlier this month, paints a picture of a state economy that is recovering, but slowly.

“Most notably, in each month from June through October, total payroll employment in the State was higher than in the same month of 2010; this has been the first time since early 2008 that payroll employment has been higher than in the same month of the previous year,” the OMB report stated.

“The State’s unemployment rate fell in August, September, and October. However, these positives are occurring against a troubling backdrop. Despite the recent gains, total and private payroll employment in the State in October were both about 200,000 under their 2008 peaks.”

Comptroller: No noncompliance issues with audited financial statements