N.Y. State Finance Law § 122-a: Independent audit of annual financial statements

§ 122-a. Independent audit of annual financial statements. 1. The

chairmen and ranking minority members of the senate finance committee

and the assembly ways and means committee, in order to ensure that the

provisions of this section and paragraph b of subdivision nine of

section eight of this chapter are complied with, shall function as an

audit committee for the purposes of receiving the results of each

independent audit prepared pursuant to section eight of this chapter.

2. The comptroller, the director of the budget, the state treasurer,

the commissioner of taxation and finance, and any other state officer or

employee shall make available upon request to such independent certified

public accountant all books and records relevant to such independent

audit.

3. The cost of the audit shall be paid out of amounts appropriated for

such purpose.

4. The scope of any audit performed pursuant to this section shall be

an audit of all of the basic financial statements and all of the

supporting schedules required by generally accepted accounting

principles to be included in a comprehensive annual financial report.

5. Each member of the audit committee shall be entitled to designate a

representative to attend meetings of such committee in his place, and to

vote or otherwise act on his behalf in his absence. Notice of such

designation shall be furnished in writing to such committee by the

designating member. A representative shall serve at the pleasure of the

designating member during the member's term of office. A representative

shall not be authorized to delegate any of his duties or functions to

any other person.