N.Y. Public Authorities Law § 2931: Internal control responsibilities

§ 2931. Internal control responsibilities. The governing board of each

covered authority shall: 1. establish and maintain for the authority

guidelines for a system of internal control that are in accordance with

this article and internal control standards;

2. establish and maintain for the authority a system of internal

control and a program of internal control review. The program of

internal review shall be designed to identify internal control

weaknesses, identify actions that are needed to correct these

weaknesses, monitor the implementation of necessary corrective actions

and periodically assess the adequacy of the authority's ongoing internal

controls;

3. make available to each member, officer and employee a clear and

concise statement of the generally applicable managerial policies and

standards with which he or she is expected to comply. Such statement

shall emphasize the importance of effective internal control to the

authority and the responsibility of each member, officer and employee

for effective internal control;

4. designate an internal control officer, who shall report to the head

of the authority, to implement and review the internal control

responsibilities established pursuant to this section; and

5. implement education and training efforts to ensure that members,

officers and employees have achieved adequate awareness and

understanding of internal control standards and, as appropriate,

evaluation techniques.