Bill Text: NY S07155 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to the school district internal audit function; requires a biennial review and update of the risk assessment of district operations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2016-06-07 - referred to education [S07155 Detail]
Download: New_York-2015-S07155-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7155 IN SENATE March 31, 2016 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to amend the education law, in relation to the school district internal audit function The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 2116-b of the education law, as 2 added by chapter 263 of the laws of 2005, is amended to read as follows: 3 1. No later than July first, two thousand six, each school district 4 shall establish an internal audit function to be in operation no later 5 than the following December thirty-first. Such function shall include: 6 (a) development of a risk assessment of district operations, including 7 but not limited to, a review of financial policies and procedures and 8 the testing and evaluation of district internal controls; (b) [an annu-9al] a biennial review and update of such risk assessment; and (c) prepa- 10 ration of reports, at least annually or more frequently as the trustees 11 or board of education may direct, which analyze significant risk assess- 12 ment findings, recommend changes for strengthening controls and reducing 13 identified risks, and specify timeframes for implementation of such 14 recommendations. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14877-01-6
