N.Y. Labor Law § 727: Accounting requirements

§ 727. Accounting requirements. 1. Every labor organization, employer

organization, employer and labor relations consultant shall maintain

detailed and accurate books and records of account in conformity with

generally accepted accounting principles and in accordance with

standards prescribed by the industrial commissioner; provided, however,

that the standards prescribed may vary according to the size and type of

the organization. All books and records of account shall be preserved

for a period of five years. The persons required to prepare reports

under section seven hundred twenty-six of this article, shall be

responsible for the maintenance and preservation of books and records of

account required by this section.

2. The industrial commissioner, when he has reasonable cause to

believe that the required accounting standards have not been maintained

or that the books and records do not accurately reflect the financial

condition and financial transactions of the labor organization or

employer organization, may examine the books and records of the

organization, subpoena witnesses and documents, and make such other

investigation as is necessary to enable him to determine the facts

relative thereto.

The industrial commissioner, when he has reasonable cause to believe

that the books and records and the annual financial report required by

section seven hundred twenty-six do not accurately reflect the matters

required to be maintained or reported by the labor organization,

employer organization, employer or labor relations consultant, may

examine the books and records of such labor organization, employer

organization, employer or labor relations consultant, subpoena witnesses

and documents, and make such other investigation as is necessary to

enable him to determine the facts relative thereto.