New York S 5905: Directs the metropolitan transportation authority to contract with a certified public accounting firm for the conducting of an independent forensic audit

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S05905 Summary:

BILL NOS05905 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSRROLISON

&nbsp

MLTSPNSR

&nbsp

Add §1265-c, Pub Auth L

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Directs the metropolitan transportation authority to contract with a certified public accounting firm for the conducting of an independent forensic audit of such authority.

Go to top S05905 Actions:

BILL NOS05905 

&nbsp

03/03/2025REFERRED TO TRANSPORTATION

01/07/2026REFERRED TO TRANSPORTATION

Go to topS05905 Committee&nbspVotes:

Go to topS05905 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05905 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5905

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sens. LANZA, ROLISON -- 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 the expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The public authorities law is amended by adding a new
 2 section 1265-c to read as follows:
 3 § 1265-c. Independent forensic audit. 1. Notwithstanding any other
 4 provision of law, the authority shall, within sixty days of the effec-
 5 tive date of this section and at its own expense, contract with a certi-
 6 fied public accounting firm for the provision of an independent, compre-
 7 hensive, forensic audit of the authority. Such audit shall be performed
 8 in accordance with generally accepted government auditing standards.
 9 Such audit shall be independent of and in addition to the independent
 10 audit of the authority conducted pursuant to section twenty-eight
 11 hundred two of this chapter.
 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.
 22 4. It shall be prohibited for the certified independent public
 23 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.
 LBD09867-01-5

 S. 5905 2

 1 chief executive officer, comptroller, chief financial officer, chief
 2 accounting officer or any other person serving in an equivalent position
 3 in the authority was an employee, consultant or independent contractor
 4 of that certified independent public accounting firm and participated in
 5 any capacity in the audit of the authority at any time in the past.
 6 5. The certified independent public accounting firm contracted to
 7 perform the independent comprehensive, forensic audit of the authority
 8 shall, on or before January first, two thousand twenty-eight, report its
 9 findings, conclusions and recommendations to the governor, the state
 10 comptroller, the temporary president of the senate, the speaker of the
 11 assembly, the chair and ranking minority member of the senate finance
 12 committee, the chair and ranking minority member of the assembly ways
 13 and means committee, the chairs and ranking minority members of the
 14 senate and the assembly corporations, authorities and commissions
 15 committees, and the chairs and ranking minority members of the senate
 16 and the assembly transportation committees.
 17 § 2. This act shall take effect immediately, and shall expire and be
 18 deemed repealed January 2, 2028.

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