Bill Text: NY S00147 | 2019-2020 | General Assembly | Introduced

Bill Title: Requires that an independent comprehensive, forensic audit be conducted upon the metropolitan transportation authority; provides that the results thereof shall be sent to the governor, the comptroller and legislative leaders.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-01-09 - REFERRED TO TRANSPORTATION [S00147 Detail]

Download: New_York-2019-S00147-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     January 9, 2019
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Transportation
        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 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. The authority  shall,  within
     4  sixty days of the effective date of this section, contract with a certi-
     5  fied public accounting firm for the provision of an independent, compre-
     6  hensive,  forensic audit of the authority. Such audit shall be performed
     7  in accordance with generally  accepted  government  auditing  standards.
     8  Such  audit  shall  be independent of and in addition to the independent
     9  audit of  the  authority  conducted  pursuant  to  section  twenty-eight
    10  hundred two of this chapter.
    11    2.  The  certified  independent  public  accounting firm providing the
    12  authority's independent, comprehensive, forensic audit shall be  prohib-
    13  ited  in  providing  audit  services if the lead (or coordinating) audit
    14  partner (having primary responsibility for  the  audit),  or  the  audit
    15  partner  responsible  for  reviewing  the  audit,  has  performed  audit
    16  services for the authority within any of the ten previous  fiscal  years
    17  of the authority.
    18    3.  The  certified  independent  accounting  firm performing the audit
    19  pursuant to this section shall be prohibited from performing any non-au-
    20  dit services for the authority contemporaneously with the audit.
    21    4. It  shall  be  prohibited  for  the  certified  independent  public
    22  accounting  firm  to  perform for the authority any audit service if the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 147                              2
     1  chief executive officer, comptroller,  chief  financial  officer,  chief
     2  accounting officer or any other person serving in an equivalent position
     3  in  the  authority  was  employed  by  that certified independent public
     4  accounting  firm  and  participated  in any capacity in the audit of the
     5  authority at any time in the past.
     6    5. The certified independent  public  accounting  firm  contracted  to
     7  perform  the  independent comprehensive, forensic audit of the authority
     8  shall, on or before January first, two thousand twenty-one,  report  its
     9  findings,  conclusions  and  recommendations  to the governor, the state
    10  comptroller, the temporary president of the senate, the speaker  of  the
    11  assembly,  the  chair  and ranking minority member of the senate finance
    12  committee, the chair and ranking minority member of  the  assembly  ways
    13  and  means  committee,  the  chairs  and ranking minority members of the
    14  senate  and  the  assembly  corporations,  authorities  and  commissions
    15  committees,  and  the  chairs and ranking minority members of the senate
    16  and the assembly transportation committees.
    17    § 2. This act shall take effect immediately, and shall expire  and  be
    18  deemed repealed January 2, 2021.