STATE OF NEW YORK
________________________________________________________________________
4283
2013-2014 Regular Sessions
IN ASSEMBLY
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:
1 Section 1. Section 1 of chapter 154 of the laws of 1921 relating to
2 the Port Authority of New York and New Jersey is amended by adding a new
3 article VII-B to read as follows:
4 ARTICLE VII-B
5 1. Notwithstanding any other provision of law, the authority shall,
6 within sixty days of the effective date of this article and at its own
7 expense, contract with a certified public accounting firm for the
8 provision of an independent, comprehensive, forensic audit of the
9 authority. Such audit shall be performed in accordance with generally
10 accepted government auditing standards. Such audit shall be independent
11 of and in addition to any independent audit of the authority.
12 2. The certified independent public accounting firm providing the
13 authority's independent, comprehensive, forensic audit shall be prohib-
14 ited from providing audit services if the lead (or coordinating) audit
15 partner (having primary responsibility for the audit), or the audit
16 partner responsible for reviewing the audit, has performed audit
17 services for the authority within any of the ten previous fiscal years
18 of the authority.
19 3. The certified independent accounting firm performing the audit
20 pursuant to this section shall be prohibited from performing any non-au-
21 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
1 4. It shall be prohibited for the certified independent public
2 accounting firm to perform for the authority any audit service if the
3 chief executive officer, comptroller, chief financial officer, chief
4 accounting officer or any other person serving in an equivalent position
5 in the authority was an employee, consultant or independent contractor
6 of that certified independent public accounting firm and participated in
7 any capacity in the audit of the authority at any time in the past.
8 5. The certified independent public accounting firm contracted to
9 perform the independent comprehensive, forensic audit of the authority
10 shall, on or before one year from the effective date of this article,
11 report its findings, conclusions and recommendations to the governor,
12 the state comptroller, the temporary president of the senate, the speak-
13 er of the assembly, the chair and ranking minority member of the senate
14 finance committee, the chair and ranking minority member of the assembly
15 ways and means committee, the chairs and ranking minority members of the
16 senate and the assembly corporations, authorities and commissions
17 committees, and the chairs and ranking minority members of the senate
18 and the assembly transportation committees.
19 § 2. This act shall take effect upon the enactment into law by the
20 state of New Jersey of legislation having an identical effect with this
21 act, but if the state of New Jersey shall have already enacted such
22 legislation, this act shall take effect immediately and shall expire and
23 be deemed repealed one year after such date; provided that the state of
24 New Jersey shall notify the legislative bill drafting commission upon
25 the occurrence of the enactment of the legislation provided for in
26 section one of this act in order that the commission may maintain an
27 accurate and timely effective data base of the official text of the laws
28 of the state of New York in furtherance of effectuating the provisions
29 of section 44 of the legislative law and section 70-b of the public
30 officers law.
