§ 1279-f. Independent forensic audit. 1. The authority shall contract
with a certified 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 include, but is not limited to a
complete and thorough examination and detailed accounting of the
authority's capital elements, broken down by agency, including but not
limited to: rolling stock and omnibuses, passenger stations, track, line
equipment, line structures, signals and communications, power equipment,
emergency power equipment and substations, shops, yards, maintenance
facilities, depots and terminals, service vehicles, security systems,
electrification extensions, and unspecified, miscellaneous and
emergency.

The authority shall also contract with a financial advisory firm with
a national practice for the provisions of a review of: (a) any fraud,
waste, abuse, or conflicts or interest occurring within any department,
division, or office of the authority, its subsidiaries, affiliates, and
subsidiaries of affiliates; (b) any duplication of functions or duties
between the departments, divisions or office of the authority, its
subsidiaries, affiliates, and subsidiaries of affiliates; (c) options
for potential cost efficiencies and savings that could be achieved
through changes in internal controls and management reforms, functional
and process streamlining, internal procurement process reforms; (d) the
two thousand fifteen to two thousand nineteen capital plan for cost
overages and duplication; (e) the development of standardized
performance metrics for planning, design, approvals, change orders,
project management and delivery; and (f) cash flow and accounting of
expenditures of the authority, its subsidiaries, affiliates, and
subsidiaries of affiliates for the preceding three fiscal years.

2. Such audit shall be completed and submitted to the board no later
than January first, two thousand twenty and posted publicly on the
authority's website within thirty days of submission to the board. Such
reviews shall be completed and submitted to the board no later than July
thirty-first, two thousand nineteen and posted publicly on the
authority's website within thirty days of submission to the board.

3. The certified independent public accounting firm providing the
authority's independent, comprehensive, forensic audit shall adhere to
the requirements in paragraphs (a), (b) and (c) of this subdivision;
provided, however, the authority may contract with an accounting firm
notwithstanding paragraphs (a), (b) and (c) of this subdivision and
notwithstanding section twelve hundred seventy-six-c of this title upon
a written determination by the board of the authority which shall detail
that such accounting firm was awarded such contract on the basis that no
accounting firm meets the requirements set forth in paragraphs (a), (b)
and (c) of this subdivision.

(a) Such certified independent public accounting firm shall be
prohibited from providing audit services to the authority if the audit
partner having primary responsibility for the audit or the audit partner
responsible for reviewing the audit has performed audit services for the
authority in any of the five previous fiscal years of the authority.

(b) Such certified independent public accounting firm shall be
prohibited from performing any non-audit services to the authority
contemporaneously with the audit, including: (1) bookkeeping or other
services related to the accounting records or financial statements of
such authority; (2) financial information systems design and
implementation; (3) appraisal or valuation services, fairness opinions,
or contribution-in-kind reports; (4) actuarial services; (5) internal
audit outsourcing services; (6) management functions or human services;
(7) broker or dealer, investment advisor, or investment banking
services; and (8) legal services and expert services unrelated to the
audit.

(c) Such certified independent public accounting firm shall be
prohibited from providing audit services to the authority if an employee
assigned to the audit has performed audit services for the authority or
has been employed by the authority in any of the three previous fiscal
years of the authority.

4. Within one year of the effective date of this subdivision, the
authority shall publish a report detailing the steps it has taken to
implement the recommendations of the audit and the reviews, and provide
estimates of the recurring and non-recurring cost savings and
efficiencies that have been realized or are anticipated from
implementing such recommendations. The authority shall also review its
two thousand twenty to two thousand twenty-four capital plan for cost
overages and duplication and include its findings in the report. The
authority shall publish an additional updated report no later than July
first, two thousand twenty-five.

5. To the extent practicable, the findings and recommendations made
pursuant to this section and to section twelve hundred seventy-nine-g of
this title shall be incorporated into any twenty-year capital needs
assessment submitted prior to January first, two thousand twenty-five to
the metropolitan transportation authority capital program review board
pursuant to subdivision c of section twelve hundred sixty-nine-c of this
title.