NY Pub Auth L § 1279-F (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11 - Metropolitan Commuter Transportation Authority 1279-F - Independent Forensic Audit.

§  1279-f. Independent forensic audit. 1. The authority shall 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 include, but is not limited to a complete  and  thorough  examination  and  detailed  accounting  of  the authority's  capital  elements, broken down by agency, including but not limited to: rolling stock and omnibuses, passenger stations, track, line equipment, line structures, signals and communications, power equipment, emergency power equipment and  substations,  shops,  yards,  maintenance facilities,  depots  and  terminals, service vehicles, security systems, electrification   extensions,   and   unspecified,   miscellaneous   and emergency.   The  authority shall also contract with a financial advisory firm with a national practice for the provisions of a review of:  (a)  any  fraud, waste,  abuse, or conflicts or interest occurring within any department, division, or office of the authority, its subsidiaries, affiliates,  and subsidiaries  of  affiliates; (b) any duplication of functions or duties between the departments, divisions  or  office  of  the  authority,  its subsidiaries,  affiliates,  and  subsidiaries of affiliates; (c) options for potential cost efficiencies  and  savings  that  could  be  achieved through  changes in internal controls and management reforms, functional and process streamlining, internal procurement process reforms; (d)  the two  thousand  fifteen  to  two  thousand nineteen capital plan for cost overages  and  duplication;  (e)   the   development   of   standardized performance  metrics  for  planning,  design,  approvals, change orders, project management and delivery; and (f) cash  flow  and  accounting  of expenditures   of  the  authority,  its  subsidiaries,  affiliates,  and subsidiaries of affiliates for the preceding three fiscal years.   2. Such audit shall be completed and submitted to the board  no  later than  January  first,  two  thousand  twenty  and posted publicly on the authority's website within thirty days of submission to the board.  Such reviews shall be completed and submitted to the board no later than July thirty-first,   two   thousand  nineteen  and  posted  publicly  on  the authority's website within thirty days of submission to the board.   3. The certified independent  public  accounting  firm  providing  the authority's  independent,  comprehensive, forensic audit shall adhere to the requirements in paragraphs (a), (b) and  (c)  of  this  subdivision; provided,  however,  the  authority may contract with an accounting firm notwithstanding paragraphs (a), (b) and  (c)  of  this  subdivision  and notwithstanding  section twelve hundred seventy-six-c of this title upon a written determination by the board of the authority which shall detail that such accounting firm was awarded such contract on the basis that no accounting firm meets the requirements set forth in paragraphs (a),  (b) and (c) of this subdivision.  (a)  Such  certified  independent  public  accounting  firm  shall  be prohibited from providing audit services to the authority if  the  audit partner having primary responsibility for the audit or the audit partner responsible for reviewing the audit has performed audit services for the authority in any of the five previous fiscal years of the authority.  (b)  Such  certified  independent  public  accounting  firm  shall  be prohibited from performing  any  non-audit  services  to  the  authority contemporaneously  with  the  audit, including: (1) bookkeeping or other services related to the accounting records or  financial  statements  of such   authority;   (2)   financial   information   systems  design  and implementation; (3) appraisal or valuation services, fairness  opinions, or  contribution-in-kind  reports;  (4) actuarial services; (5) internal audit outsourcing services; (6) management functions or human  services;  (7)   broker  or  dealer,  investment  advisor,  or  investment  banking services; and (8) legal services and expert services  unrelated  to  the audit.  (c)  Such  certified  independent  public  accounting  firm  shall  be prohibited from providing audit services to the authority if an employee assigned to the audit has performed audit services for the authority  or has  been  employed by the authority in any of the three previous fiscal years of the authority.