Bill Text: NY A02282 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Directs the metropolitan transportation authority to contract with a certified public accounting firm for the conducting of an independent forensic audit of such authority.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-04-30 - print number 2282a [A02282 Detail]

Download: New_York-2013-A02282-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2282
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by  M.  of  A.  MALLIOTAKIS -- 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.  NOTWITHSTANDING  ANY  OTHER
    4  PROVISION  OF  LAW, THE AUTHORITY SHALL, WITHIN SIXTY DAYS OF THE EFFEC-
    5  TIVE DATE OF THIS SECTION AND AT ITS OWN EXPENSE, CONTRACT WITH A CERTI-
    6  FIED PUBLIC ACCOUNTING FIRM FOR THE PROVISION OF AN INDEPENDENT, COMPRE-
    7  HENSIVE, FORENSIC AUDIT OF THE AUTHORITY. SUCH AUDIT SHALL BE  PERFORMED
    8  IN  ACCORDANCE  WITH  GENERALLY  ACCEPTED GOVERNMENT AUDITING STANDARDS.
    9  SUCH AUDIT SHALL BE INDEPENDENT OF AND IN ADDITION  TO  THE  INDEPENDENT
   10  AUDIT  OF  THE  AUTHORITY  CONDUCTED  PURSUANT  TO  SECTION TWENTY-EIGHT
   11  HUNDRED TWO OF THIS CHAPTER.
   12    2. THE CERTIFIED INDEPENDENT  PUBLIC  ACCOUNTING  FIRM  PROVIDING  THE
   13  AUTHORITY'S  INDEPENDENT, COMPREHENSIVE, FORENSIC AUDIT SHALL BE PROHIB-
   14  ITED FROM PROVIDING AUDIT SERVICES IF THE LEAD (OR  COORDINATING)  AUDIT
   15  PARTNER  (HAVING  PRIMARY  RESPONSIBILITY  FOR  THE AUDIT), OR THE AUDIT
   16  PARTNER  RESPONSIBLE  FOR  REVIEWING  THE  AUDIT,  HAS  PERFORMED  AUDIT
   17  SERVICES  FOR  THE AUTHORITY WITHIN ANY OF THE TEN PREVIOUS FISCAL YEARS
   18  OF THE AUTHORITY.
   19    3. THE CERTIFIED INDEPENDENT  ACCOUNTING  FIRM  PERFORMING  THE  AUDIT
   20  PURSUANT TO THIS SECTION SHALL BE PROHIBITED FROM PERFORMING ANY NON-AU-
   21  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.
                                                                  LBD04030-01-3
       A. 2282                             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 AN EMPLOYEE, CONSULTANT OR INDEPENDENT CONTRACTOR
    6  OF THAT CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM AND PARTICIPATED IN
    7  ANY CAPACITY IN THE AUDIT OF THE 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  SIXTEEN,  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, 2016.