N.Y. General Municipal Law § 561-a: Accounts, reports and audits

§ 561-a. Accounts, reports and audits. 1. The accounting records of

an agency shall be maintained in accordance with a system prescribed by

the state comptroller.

2. Within sixty days after the close of the fiscal year, an agency

shall submit an annual report of its financial condition to the

commissioner and to the state comptroller. The report shall be in such

form as the comptroller shall require. The commissioner or the

comptroller may require additional information from the agency or any

officer thereof at any time.

3. The state comptroller, or his legally authorized representative, is

hereby authorized and empowered from time to time to examine the books

and accounts of an agency including its receipts, disbursements,

contracts, reserve funds, sinking funds, investments and any other

matters relating to its finances or financial standing. Such an

examination shall be conducted by the comptroller at least once in every

five years; the comptroller is authorized, however, to accept from an

agency, in lieu of such an examination, an external examination of its

books and accounts made at the request of the agency.