§ 2930. Definitions. For the purposes of this title, the following
terms shall have the following meanings:

1. "Internal control". A process that integrates the activities,
plans, attitudes, policies, systems, resources and efforts of the people
of an organization working together, and that is designed to provide
reasonable assurance that the organization will achieve its objectives
and mission. The objectives of an internal control system include, but
are not limited to: the safeguarding of assets; checking the accuracy
and reliability of accounting data and financial reporting; promoting
the effectiveness and efficiency of operations; ensuring compliance with
applicable laws and regulations; and encouraging adherence to prescribed
managerial policies. Internal control review processes are used
periodically to evaluate the ongoing internal control system and to
assess and monitor the implementation of necessary corrective actions.

2. "Internal audit". An appraisal activity established by the
management of an organization for the review of operations as a means of
assuring conformity with management policies and the effectiveness of
internal control, and conducted in conformance with generally accepted
standards for internal auditing.

3. "Covered authority". Any public authority or public benefit
corporation, other than a bi-state authority or public benefit
corporation, a majority of whose members are appointed by the governor
or serve as members by virtue of holding state offices to which they
were appointed by the governor, or any combination thereof.