Bill Text: NY S02482 | 2013-2014 | General Assembly | Amended

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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: Bipartisan Bill

Status: (Engrossed - Dead) 2014-06-17 - referred to corporations, authorities and commissions [S02482 Detail]

Download: New_York-2013-S02482-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2482--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 17, 2013
                                      ___________
       Introduced  by  Sens. LANZA, CARLUCCI -- read twice and ordered printed,
         and when printed to be committed to the Committee on Transportation --
         recommitted to the Committee  on  Transportation  in  accordance  with
         Senate  Rule  6, sec. 8 -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       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.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04030-02-4
       S. 2482--A                          2
    1    3. THE CERTIFIED INDEPENDENT  ACCOUNTING  FIRM  PERFORMING  THE  AUDIT
    2  PURSUANT TO THIS SECTION SHALL BE PROHIBITED FROM PERFORMING ANY NON-AU-
    3  DIT SERVICES FOR THE AUTHORITY CONTEMPORANEOUSLY WITH THE AUDIT.
    4    4.  IT  SHALL  BE  PROHIBITED  FOR  THE  CERTIFIED  INDEPENDENT PUBLIC
    5  ACCOUNTING FIRM TO PERFORM FOR THE AUTHORITY ANY AUDIT  SERVICE  IF  THE
    6  CHIEF  EXECUTIVE  OFFICER,  COMPTROLLER,  CHIEF FINANCIAL OFFICER, CHIEF
    7  ACCOUNTING OFFICER OR ANY OTHER PERSON SERVING IN AN EQUIVALENT POSITION
    8  IN THE AUTHORITY WAS AN EMPLOYEE, CONSULTANT OR  INDEPENDENT  CONTRACTOR
    9  OF THAT CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM AND PARTICIPATED IN
   10  ANY CAPACITY IN THE AUDIT OF THE AUTHORITY AT ANY TIME IN THE PAST.
   11    5.  THE  CERTIFIED  INDEPENDENT  PUBLIC  ACCOUNTING FIRM CONTRACTED TO
   12  PERFORM THE INDEPENDENT COMPREHENSIVE, FORENSIC AUDIT OF  THE  AUTHORITY
   13  SHALL,  ON  OR  BEFORE JANUARY FIRST, TWO THOUSAND SEVENTEEN, REPORT ITS
   14  FINDINGS, CONCLUSIONS AND RECOMMENDATIONS TO  THE  GOVERNOR,  THE  STATE
   15  COMPTROLLER,  THE  TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE
   16  ASSEMBLY, THE CHAIR AND RANKING MINORITY MEMBER OF  THE  SENATE  FINANCE
   17  COMMITTEE,  THE  CHAIR  AND RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS
   18  AND MEANS COMMITTEE, THE CHAIRS AND  RANKING  MINORITY  MEMBERS  OF  THE
   19  SENATE  AND  THE  ASSEMBLY  CORPORATIONS,  AUTHORITIES  AND  COMMISSIONS
   20  COMMITTEES, AND THE CHAIRS AND RANKING MINORITY MEMBERS  OF  THE  SENATE
   21  AND THE ASSEMBLY TRANSPORTATION COMMITTEES.
   22    S  2.  This act shall take effect immediately, and shall expire and be
   23  deemed repealed January 2, 2017.