2018 New York Laws
PBA - Public Authorities
Article 5 - Public Utility Authorities
Title 11 - Metropolitan Commuter Transportation Authority
1279-F - Independent Forensic Audit.

§  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.