Bill Text: NY A04501 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires that an independent comprehensive, forensic audit be conducted upon the metropolitan transportation authority; provides that the results thereof shall be sent to the governor, the comptroller and legislative leaders.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2011-02-03 - referred to corporations, authorities and commissions [A04501 Detail]

Download: New_York-2011-A04501-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4501
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 3, 2011
                                      ___________
       Introduced  by  M.  of  A.  SPANO,  JAFFEE,  MOLINARO,  PHEFFER, COLTON,
         GUNTHER, STEVENSON, GIBSON -- Multi-Sponsored by -- M. of  A.  ABBATE,
         CAHILL, CORWIN, FITZPATRICK, GABRYSZAK, P. LOPEZ, McDONOUGH, McKEVITT,
         RABBITT,  RAIA,  SAYWARD,  SWEENEY,  THIELE,  TOBACCO -- read once and
         referred to the Committee on Corporations, Authorities and Commissions
       AN ACT to amend the public authorities law, in relation to directing the
         metropolitan transportation authority to contract for the provision of
         an independent forensic audit of such authority; and providing for the
         repeal of such provisions upon the expiration thereof
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  public  authorities  law  is amended by adding a new
    2  section 1265-c to read as follows:
    3    S 1265-C. INDEPENDENT FORENSIC AUDIT. 1. THE AUTHORITY  SHALL,  WITHIN
    4  SIXTY DAYS OF THE EFFECTIVE DATE OF THIS SECTION, CONTRACT WITH A CERTI-
    5  FIED PUBLIC ACCOUNTING FIRM FOR THE PROVISION OF AN INDEPENDENT, COMPRE-
    6  HENSIVE,  FORENSIC AUDIT OF THE AUTHORITY. SUCH AUDIT SHALL BE PERFORMED
    7  IN ACCORDANCE WITH GENERALLY  ACCEPTED  GOVERNMENT  AUDITING  STANDARDS.
    8  SUCH  AUDIT  SHALL  BE INDEPENDENT OF AND IN ADDITION TO THE INDEPENDENT
    9  AUDIT OF  THE  AUTHORITY  CONDUCTED  PURSUANT  TO  SECTION  TWENTY-EIGHT
   10  HUNDRED TWO OF THIS CHAPTER.
   11    2.  THE  CERTIFIED  INDEPENDENT  PUBLIC  ACCOUNTING FIRM PROVIDING THE
   12  AUTHORITY'S INDEPENDENT, COMPREHENSIVE, FORENSIC AUDIT SHALL BE  PROHIB-
   13  ITED  IN  PROVIDING  AUDIT  SERVICES IF THE LEAD (OR COORDINATING) AUDIT
   14  PARTNER (HAVING PRIMARY RESPONSIBILITY FOR  THE  AUDIT),  OR  THE  AUDIT
   15  PARTNER  RESPONSIBLE  FOR  REVIEWING  THE  AUDIT,  HAS  PERFORMED  AUDIT
   16  SERVICES FOR THE AUTHORITY WITHIN ANY OF THE TEN PREVIOUS  FISCAL  YEARS
   17  OF THE AUTHORITY.
   18    3.  THE  CERTIFIED  INDEPENDENT  ACCOUNTING  FIRM PERFORMING THE AUDIT
   19  PURSUANT TO THIS SECTION SHALL BE PROHIBITED FROM PERFORMING ANY NON-AU-
   20  DIT SERVICES FOR THE AUTHORITY CONTEMPORANEOUSLY WITH THE AUDIT.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07857-01-1
       A. 4501                             2
    1    4. IT  SHALL  BE  PROHIBITED  FOR  THE  CERTIFIED  INDEPENDENT  PUBLIC
    2  ACCOUNTING  FIRM  TO  PERFORM FOR THE AUTHORITY ANY AUDIT SERVICE IF THE
    3  CHIEF EXECUTIVE OFFICER, COMPTROLLER,  CHIEF  FINANCIAL  OFFICER,  CHIEF
    4  ACCOUNTING OFFICER OR ANY OTHER PERSON SERVING IN AN EQUIVALENT POSITION
    5  IN  THE  AUTHORITY  WAS  EMPLOYED  BY  THAT CERTIFIED INDEPENDENT PUBLIC
    6  ACCOUNTING FIRM AND PARTICIPATED IN ANY CAPACITY IN  THE  AUDIT  OF  THE
    7  AUTHORITY AT ANY TIME IN THE PAST.
    8    5.  THE  CERTIFIED  INDEPENDENT  PUBLIC  ACCOUNTING FIRM CONTRACTED TO
    9  PERFORM THE INDEPENDENT COMPREHENSIVE, FORENSIC AUDIT OF  THE  AUTHORITY
   10  SHALL,  ON  OR  BEFORE  JANUARY FIRST, TWO THOUSAND THIRTEEN, REPORT ITS
   11  FINDINGS, CONCLUSIONS AND RECOMMENDATIONS TO  THE  GOVERNOR,  THE  STATE
   12  COMPTROLLER,  THE  TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE
   13  ASSEMBLY, THE CHAIR AND RANKING MINORITY MEMBER OF  THE  SENATE  FINANCE
   14  COMMITTEE,  THE  CHAIR  AND RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS
   15  AND MEANS COMMITTEE, THE CHAIRS AND  RANKING  MINORITY  MEMBERS  OF  THE
   16  SENATE  AND  THE  ASSEMBLY  CORPORATIONS,  AUTHORITIES  AND  COMMISSIONS
   17  COMMITTEES, AND THE CHAIRS AND RANKING MINORITY MEMBERS  OF  THE  SENATE
   18  AND THE ASSEMBLY TRANSPORTATION COMMITTEES.
   19    S  2.  This act shall take effect immediately, and shall expire and be
   20  deemed repealed January 2, 2013.