§ 122-A — Independent audit of annual financial statements

§ 122-a. Independent audit of annual financial statements. 1. The\nchairmen and ranking minority members of the senate finance committee\nand the assembly ways and means committee, in order to ensure that the\nprovisions of this section and paragraph b of subdivision nine of\nsection eight of this chapter are complied with, shall function as an\naudit committee for the purposes of receiving the results of each\nindependent audit prepared pursuant to section eight of this chapter.\n 2. The comptroller, the director of the budget, the state treasurer,\nthe commissioner of taxation and finance, and any other state officer or\nemployee shall make available upon request to such independent certified\npublic accountant all books and records relevant to such independent\naudit.\n 3. The cost of the audit shall be paid out of amounts appropriated for\nsuch purpose.\n 4. The scope of any audit performed pursuant to this section shall be\nan audit of all of the basic financial statements and all of the\nsupporting schedules required by generally accepted accounting\nprinciples to be included in a comprehensive annual financial report.\n 5. Each member of the audit committee shall be entitled to designate a\nrepresentative to attend meetings of such committee in his place, and to\nvote or otherwise act on his behalf in his absence. Notice of such\ndesignation shall be furnished in writing to such committee by the\ndesignating member. A representative shall serve at the pleasure of the\ndesignating member during the member's term of office. A representative\nshall not be authorized to delegate any of his duties or functions to\nany other person.\n