N.Y. Legislative Law § 89: Definitions

§ 89. Definitions. As used in this article, 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 review of operations as a means of

assuring conformance with management policies and the effectiveness of

internal control, and conducted in conformance with generally accepted

standards for internal auditing.

3. "Legislature". The legislature of the state of New York, including

all components thereof as provided in subdivision two of section ninety

of this chapter.