Bill Text: NY S03835 | 2015-2016 | 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: Partisan Bill (Republican 3-0)

Status: (Engrossed - Dead) 2016-06-15 - referred to corporations, authorities and commissions [S03835 Detail]

Download: New_York-2015-S03835-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3835--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    February 20, 2015
                                       ___________
        Introduced  by  Sens.  LANZA,  MURPHY,  SERINO -- read twice and ordered
          printed, and when printed to be committed to the Committee  on  Trans-
          portation -- recommitted to the Committee on Transportation in accord-
          ance 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    §  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.
                                                                   LBD01091-02-6