Bill Text: NY A04283 | 2013-2014 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to corporations, authorities and commissions [A04283 Detail]

Download: New_York-2013-A04283-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4283
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 1, 2013
                                      ___________
       Introduced by M. of A. TITONE -- read once and referred to the Committee
         on Corporations, Authorities and Commissions
       AN  ACT  to  amend  chapter 154 of the laws of 1921 relating to the Port
         Authority of New York and New Jersey, in  relation  to  directing  the
         port  authority to contract for the provision of an independent foren-
         sic audit of such authority; and providing  for  the  repeal  of  such
         provisions upon expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 1 of chapter 154 of the laws of  1921  relating  to
    2  the Port Authority of New York and New Jersey is amended by adding a new
    3  article VII-B to read as follows:
    4                                 ARTICLE VII-B
    5    1.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW, THE AUTHORITY SHALL,
    6  WITHIN SIXTY DAYS OF THE EFFECTIVE DATE OF THIS ARTICLE AND AT  ITS  OWN
    7  EXPENSE,  CONTRACT  WITH  A  CERTIFIED  PUBLIC  ACCOUNTING  FIRM FOR THE
    8  PROVISION OF  AN  INDEPENDENT,  COMPREHENSIVE,  FORENSIC  AUDIT  OF  THE
    9  AUTHORITY.  SUCH  AUDIT  SHALL BE PERFORMED IN ACCORDANCE WITH GENERALLY
   10  ACCEPTED GOVERNMENT AUDITING STANDARDS. SUCH AUDIT SHALL BE  INDEPENDENT
   11  OF AND IN ADDITION TO ANY INDEPENDENT AUDIT OF THE AUTHORITY.
   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.
                                                                  LBD04375-01-3
       A. 4283                             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 ONE YEAR FROM THE EFFECTIVE DATE  OF  THIS  ARTICLE,
   11  REPORT  ITS  FINDINGS,  CONCLUSIONS AND RECOMMENDATIONS TO THE GOVERNOR,
   12  THE STATE COMPTROLLER, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAK-
   13  ER OF THE ASSEMBLY, THE CHAIR AND RANKING MINORITY MEMBER OF THE  SENATE
   14  FINANCE COMMITTEE, THE CHAIR AND RANKING MINORITY MEMBER OF THE ASSEMBLY
   15  WAYS 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 upon the enactment into law by the
   20  state of New Jersey of legislation having an identical effect with  this
   21  act,  but  if  the  state  of New Jersey shall have already enacted such
   22  legislation, this act shall take effect immediately and shall expire and
   23  be deemed repealed one year after such date; provided that the state  of
   24  New  Jersey  shall  notify the legislative bill drafting commission upon
   25  the occurrence of the enactment  of  the  legislation  provided  for  in
   26  section  one  of  this  act in order that the commission may maintain an
   27  accurate and timely effective data base of the official text of the laws
   28  of the state of New York in furtherance of effectuating  the  provisions
   29  of  section  44  of  the  legislative law and section 70-b of the public
   30  officers law.