N.Y. Public Authorities Law § 3416: Audit and annual reports

§ 3416. Audit and annual reports. 1. In conformity with the provisions

of section five of article ten of the constitution, the accounts of the

corporation shall be subject to the supervision of the state comptroller

and an annual audit shall be performed by an independent certified

public accountant. The corporation shall annually submit to the county

legislature, county executive, governor and the state comptroller and to

the chairperson of the senate finance committee and the chairperson of

the assembly ways and means committee a detailed report pursuant to the

provisions of section twenty-eight hundred of this chapter, and a copy

of such report shall be filed with the clerk of the county legislature

and the county executive.

2. The corporation shall report on an annual basis the following

information: the name, principal business address and principal business

activities of each subsidiary of the corporation; the name of all board

members and officers of each subsidiary; the number of employees of each

subsidiary; a list of all contracts in excess of one hundred thousand

dollars entered into by the corporation and its subsidiaries identifying

the amount, purpose and duration of such contract; and a financial

statement, income statement, and balance sheet performed by an

independent certified public accountant all in accordance with generally

accepted accounting principles of the corporation and each of its

subsidiaries. At the time the reports required by subdivision one of

this section are submitted, such reports shall be provided to the

governor, the speaker of the assembly, the temporary president of the

senate and a copy of such report shall be filed with the clerk of the

county legislature and the county executive.