Senate Bill S5778

2025-2026 Legislative Session

Requires an independent forensic audit of the metropolitan commuter transportation authority

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Transportation Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-S5778 (ACTIVE) - Details

See Assembly Version of this Bill:
A6088
Current Committee:
Senate Transportation
Law Section:
Public Authorities Law
Laws Affected:
Add §1265-c, Pub Auth L

2025-S5778 (ACTIVE) - Summary

Requires the metropolitan commuter transportation authority to contract with a certified independent public accounting firm for the provision of an independent, comprehensive, forensic audit of the authority to examine redundancies, inefficiencies, and the authority's governance system.

2025-S5778 (ACTIVE) - Sponsor Memo

2025-S5778 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5778
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 28, 2025
                                ___________
 
 Introduced  by  Sen.  MURRAY -- 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 requiring  an
   independent forensic audit of the metropolitan commuter transportation
   authority;  and providing for the repeal of such provisions upon expi-
   ration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  public  authorities  law  is amended by adding a new
 section 1265-c to read as follows:
   § 1265-C. INDEPENDENT FORENSIC AUDIT.  1.  NOTWITHSTANDING  ANY  OTHER
 PROVISION  OF  LAW,  THE AUTHORITY SHALL CONTRACT WITH A CERTIFIED INDE-
 PENDENT 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 EXAMINE REDUNDANCIES, INEFFICIENCIES, AND
 THE AUTHORITY'S GOVERNANCE SYSTEM.
   2. THE CERTIFIED INDEPENDENT PUBLIC  ACCOUNTING  FIRM  PROVIDING  SUCH
 AUDIT SERVICES PURSUANT TO THIS SECTION SHALL BE PROHIBITED FROM PROVID-
 ING  AUDIT  SERVICES  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 THE AUTHORITY
 WITHIN ANY OF THE TEN PREVIOUS FISCAL YEARS OF THE AUTHORITY.
   3. THE CERTIFIED INDEPENDENT PUBLIC  ACCOUNTING  FIRM  PROVIDING  SUCH
 AUDIT  SERVICES  PURSUANT  TO  THIS  SECTION  SHALL  BE  PROHIBITED FROM
 PERFORMING ANY NON-AUDIT SERVICES FOR  THE  AUTHORITY  CONTEMPORANEOUSLY
 WITH RESPECT TO SUCH AUDIT SERVICES.
   4.  IT  SHALL  BE  PROHIBITED  FOR  THE  CERTIFIED  INDEPENDENT PUBLIC
 ACCOUNTING FIRM TO PERFORM FOR THE AUTHORITY ANY AUDIT SERVICES IF:
   (A) THE CHIEF EXECUTIVE OFFICER, COMPTROLLER, CHIEF FINANCIAL OFFICER,
 CHIEF ACCOUNTING OFFICER OR ANY OTHER PERSON SERVING  IN  AN  EQUIVALENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05947-02-5
              

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