NY S02482

MTA must contract with a certified public accounting firm within 60 days to conduct an independent, comprehensive forensic audit at its own expense, performed in accordance with generally accepted government auditing standards.

The audit firm's lead audit partner and reviewing audit partner cannot have provided audit services to the MTA within the previous 10 fiscal years.

The contracted audit firm is prohibited from performing non-audit services for the MTA while conducting the audit and cannot perform any audit services if current MTA executives (CEO, comptroller, CFO, chief accounting officer, or equivalent) were former employees or consultants of that firm.

Audit findings, conclusions, and recommendations must be reported by January 1, 2017 to the Governor, State Comptroller, legislative leaders, and chairs and ranking minority members of relevant Senate and Assembly committees.

The requirement expires and is repealed on January 2, 2017.