Prohibits accountants from providing accounting services to any corporation, the shares and bonds of which are publicly traded, for 5 years after such accountant performs an audit on such corporation; authorizes the board of regents to promulgate any rules and regulations necessary for the implementation.
STATE OF NEW YORK
________________________________________________________________________
4651
2013-2014 Regular Sessions
IN ASSEMBLY
February 7, 2013
___________
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the
Committee on Higher Education
AN ACT to amend the education law, in relation to prohibiting account-
ants from providing financial or accounting services to certain corpo-
rations audited by such accountant
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 7411
2 to read as follows:
3 § 7411. Prohibition. No certified public accountant, public account-
4 ant, or employee, partner or associate of such accountant shall provide
5 accounting services, other than the provision of an audit, to any corpo-
6 ration, the shares or bonds of which are publicly traded, upon which
7 such accountant has conducted an audit within the previous five years.
8 The board of regents shall promulgate any rules and regulations neces-
9 sary to implement this section.
10 § 2. This act shall take effect on the one hundred twentieth day after
11 it shall have become a law; provided that any rules and regulations
12 necessary to implement the provisions of this act on its effective date
13 are authorized and directed to be promulgated on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08744-01-3
