N.Y. Public Authorities Law § 2930: Definitions

§ 2930. Definitions. For the purposes of this title, 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 the review of operations as a means of

assuring conformity with management policies and the effectiveness of

internal control, and conducted in conformance with generally accepted

standards for internal auditing.

3. "Covered authority". Any public authority or public benefit

corporation, other than a bi-state authority or public benefit

corporation, a majority of whose members are appointed by the governor

or serve as members by virtue of holding state offices to which they

were appointed by the governor, or any combination thereof.