Assembly Bill A4283

                            
                    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:

  Section 1. Section 1 of chapter 154 of the laws of  1921  relating  to
the Port Authority of New York and New Jersey is amended by adding a new
article VII-B to read as follows:
                               ARTICLE VII-B
  1.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW, THE AUTHORITY SHALL,
WITHIN SIXTY DAYS OF THE EFFECTIVE DATE OF THIS ARTICLE AND AT  ITS  OWN
EXPENSE,  CONTRACT  WITH  A  CERTIFIED  PUBLIC  ACCOUNTING  FIRM FOR THE
PROVISION OF  AN  INDEPENDENT,  COMPREHENSIVE,  FORENSIC  AUDIT  OF  THE
AUTHORITY.  SUCH  AUDIT  SHALL BE PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED GOVERNMENT AUDITING STANDARDS. SUCH AUDIT SHALL BE  INDEPENDENT
OF AND IN ADDITION TO ANY INDEPENDENT AUDIT OF THE AUTHORITY.
  2.  THE  CERTIFIED  INDEPENDENT  PUBLIC  ACCOUNTING FIRM PROVIDING THE
AUTHORITY'S INDEPENDENT, COMPREHENSIVE, FORENSIC AUDIT SHALL BE  PROHIB-
ITED  FROM  PROVIDING AUDIT SERVICES IF THE LEAD (OR COORDINATING) AUDIT
PARTNER (HAVING PRIMARY RESPONSIBILITY FOR  THE  AUDIT),  OR  THE  AUDIT
PARTNER  RESPONSIBLE  FOR  REVIEWING  THE  AUDIT,  HAS  PERFORMED  AUDIT
SERVICES FOR THE AUTHORITY WITHIN ANY OF THE TEN PREVIOUS  FISCAL  YEARS
OF THE AUTHORITY.
  3.  THE  CERTIFIED  INDEPENDENT  ACCOUNTING  FIRM PERFORMING THE AUDIT
PURSUANT TO THIS SECTION SHALL BE PROHIBITED FROM PERFORMING ANY NON-AU-
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

  4. IT  SHALL  BE  PROHIBITED  FOR  THE  CERTIFIED  INDEPENDENT  PUBLIC
ACCOUNTING  FIRM  TO  PERFORM FOR THE AUTHORITY ANY AUDIT SERVICE IF THE
CHIEF EXECUTIVE OFFICER, COMPTROLLER,  CHIEF  FINANCIAL  OFFICER,  CHIEF
ACCOUNTING OFFICER OR ANY OTHER PERSON SERVING IN AN EQUIVALENT POSITION
IN  THE  AUTHORITY WAS AN EMPLOYEE, CONSULTANT OR INDEPENDENT CONTRACTOR
OF THAT CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM AND PARTICIPATED IN
ANY CAPACITY IN THE AUDIT OF THE AUTHORITY AT ANY TIME IN THE PAST.
  5. THE CERTIFIED INDEPENDENT  PUBLIC  ACCOUNTING  FIRM  CONTRACTED  TO
PERFORM  THE  INDEPENDENT COMPREHENSIVE, FORENSIC AUDIT OF THE AUTHORITY
SHALL, ON OR BEFORE ONE YEAR FROM THE EFFECTIVE DATE  OF  THIS  ARTICLE,
REPORT  ITS  FINDINGS,  CONCLUSIONS AND RECOMMENDATIONS TO THE GOVERNOR,
THE STATE COMPTROLLER, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAK-
ER OF THE ASSEMBLY, THE CHAIR AND RANKING MINORITY MEMBER OF THE  SENATE
FINANCE COMMITTEE, THE CHAIR AND RANKING MINORITY MEMBER OF THE ASSEMBLY
WAYS AND MEANS COMMITTEE, THE CHAIRS AND RANKING MINORITY MEMBERS OF THE
SENATE  AND  THE  ASSEMBLY  CORPORATIONS,  AUTHORITIES  AND  COMMISSIONS
COMMITTEES, AND THE CHAIRS AND RANKING MINORITY MEMBERS  OF  THE  SENATE
AND THE ASSEMBLY TRANSPORTATION COMMITTEES.
  S  2.  This  act  shall take effect upon the enactment into law by the
state of New Jersey of legislation having an identical effect with  this
act,  but  if  the  state  of New Jersey shall have already enacted such
legislation, this act shall take effect immediately and shall expire and
be deemed repealed one year after such date; provided that the state  of
New  Jersey  shall  notify the legislative bill drafting commission upon
the occurrence of the enactment  of  the  legislation  provided  for  in
section  one  of  this  act in order that the commission may maintain an
accurate and timely effective data base of the official text of the laws
of the state of New York in furtherance of effectuating  the  provisions
of  section  44  of  the  legislative law and section 70-b of the public
officers law.