NY Pub Auth L § 2802 (2021)
2021 New York Laws PBA - Public Authorities Article 9 - General Provisions Title 1 - Reports by Public Authorities 2802 - Independent Audits and Audit Reports of Authorities.

§  2802. Independent audits and audit reports of authorities. 1. State   authorities. Every state authority or commission heretofore or hereafter   continued or created by this chapter or any other chapter of the laws of   the state of New York shall submit to the governor, chairman and ranking   minority member of the senate finance committee,  chairman  and  ranking   minority member of the assembly ways and means committee, each chair and   ranking  member  of  the senate and assembly committees on corporations,   authorities and commissions, the state comptroller, and the  authorities   budget   office,   together   with   the  report  described  in  section   twenty-eight hundred of this title, a copy  of  the  annual  independent   audit  report,  performed  by  a  certified  public  accounting  firm in   accordance with generally accepted  auditing  standards  as  defined  in   subdivision  eleven  of  section  two  of  the  state  finance  law, and   management letter and any other external examination of  the  books  and   accounts  of  such  authority  other  than  copies of the reports of any   examinations made by the state comptroller.2. Local authorities. For the local authority fiscal year ending on or   after December thirty-first, two thousand seven and annually thereafter,   every local authority heretofore or hereafter continued  or  created  by   this  chapter  or any other chapter of the laws of the state of New York   shall submit to the chief executive officer, the chief  fiscal  officer,   the chairperson of the legislative body of the local government or local   governments  and the authorities budget office, together with the report   described in section twenty-eight hundred of this title, a copy  of  the   annual  independent  audit  report,  performed  by  a  certified  public   accounting firm in accordance with generally accepted auditing standards   as defined in subdivision eleven of section two  of  the  state  finance   law,  and  management  letter  and any other external examination of the   books and accounts of such authority other than copies of the reports of   any examinations made by the state comptroller.3. Each certified independent public accounting firm that performs for   any state or local authority any audit required by  this  chapter  shall   timely report to the audit committee of such authority: (a) all critical   accounting  policies  and  practices  to  be  used;  (b) all alternative   treatments of financial information within generally accepted accounting   principles that have been discussed with management  officials  of  such   authority,  ramifications of the use of such alternative disclosures and   treatments, and the treatment preferred  by  the  certified  independent   public  accounting  firm;  and (c) other material written communications   between  the  certified  independent  public  accounting  firm  and  the   management  of  such authority, such as the management letter along with   management's response or plan of corrective action, material corrections   identified or schedule of unadjusted differences, where applicable.4. Notwithstanding any other provision of law  to  the  contrary,  the   certified  independent public accounting firm providing such authority's   annual independent audit will be prohibited in providing audit  services   to  the respective authority 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   that issuer in each of the five previous fiscal years of such authority.5. The certified independent public accounting  firm  performing  such   authority's  audit  shall  be  prohibited  from performing any non-audit   services to such authority  contemporaneously  with  the  audit,  unless   receiving  previous  written  approval by the audit committee including:   (a) bookkeeping or other services related to the accounting  records  or   financial  statements  of  such  authority;  (b)  financial  information   systems design and implementation; (c) appraisal or valuation  services,   fairness   opinions,  or  contribution-in-kind  reports;  (d)  actuarial    services;  (e)  internal  audit  outsourcing  services;  (f)  management   functions  or  human services; (g) broker or dealer, investment advisor,   or investment banking  services;  and  (h)  legal  services  and  expert   services unrelated to the audit.6.  It  shall  be  prohibited  for  any  certified  independent public   accounting firm to perform for such 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  for such authority, was employed by that certified independent   public accounting firm and participated in any capacity in the audit  of   such  authority  during  the  one  year period preceding the date of the   initiation of the audit.7. Notwithstanding any provision of law  to  the  contrary,  a  public   authority  may  exempt  information  from  disclosure  or report, if the   counsel of such authority deems that  such  information  is  covered  by   subdivision two of section eighty-seven of the public officers law.