Senate Bill S147

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    147
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              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:
 
   Section  1.  The  public  authorities  law  is amended by adding a new
 section 1265-c to read as follows:
   § 1265-C. INDEPENDENT FORENSIC AUDIT. 1. THE AUTHORITY  SHALL,  WITHIN
 SIXTY DAYS OF THE EFFECTIVE DATE OF THIS SECTION, CONTRACT WITH A CERTI-
 FIED PUBLIC ACCOUNTING FIRM FOR THE PROVISION OF AN INDEPENDENT, COMPRE-
 HENSIVE,  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 THE INDEPENDENT
 AUDIT OF  THE  AUTHORITY  CONDUCTED  PURSUANT  TO  SECTION  TWENTY-EIGHT
 HUNDRED TWO OF THIS CHAPTER.
   2.  THE  CERTIFIED  INDEPENDENT  PUBLIC  ACCOUNTING FIRM PROVIDING THE
 AUTHORITY'S INDEPENDENT, COMPREHENSIVE, FORENSIC AUDIT SHALL BE  PROHIB-
 ITED  IN  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.
   4. IT  SHALL  BE  PROHIBITED  FOR  THE  CERTIFIED  INDEPENDENT  PUBLIC
 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.
                                                            LBD05284-01-9

 S. 147                              2
 
 CHIEF EXECUTIVE OFFICER, COMPTROLLER,  CHIEF  FINANCIAL  OFFICER,  CHIEF
 ACCOUNTING OFFICER OR ANY OTHER PERSON SERVING IN AN EQUIVALENT POSITION
 IN  THE  AUTHORITY  WAS  EMPLOYED  BY  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 JANUARY FIRST, TWO THOUSAND TWENTY-ONE,  REPORT  ITS
 FINDINGS,  CONCLUSIONS  AND  RECOMMENDATIONS  TO THE GOVERNOR, THE STATE
 COMPTROLLER, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER  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.
   § 2. This act shall take effect immediately, and shall expire  and  be
 deemed repealed January 2, 2021.