Assembly Bill A5734

2015-2016 Legislative Session

Prohibits accountants from providing accounting services to certain corporations for 5 years after such accountant performs an audit on such corporation

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A5734 (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §7411, Ed L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2828
2011-2012: A4039
2013-2014: A4651

2015-A5734 (ACTIVE) - Summary

Prohibits accountants from providing accounting services to any corporation, the shares and bonds of which are publicly traded, for 5 years after such accountant performs an audit on such corporation; authorizes the board of regents to promulgate any rules and regulations necessary for the implementation.

2015-A5734 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5734

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              March 4, 2015
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Higher Education

AN ACT to amend the education law, in relation to  prohibiting  account-
  ants from providing financial or accounting services to certain corpo-
  rations audited by such accountant

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The education law is amended by adding a new  section  7411
to read as follows:
  S  7411.  PROHIBITION. NO CERTIFIED PUBLIC ACCOUNTANT, PUBLIC ACCOUNT-
ANT, OR EMPLOYEE, PARTNER OR ASSOCIATE OF SUCH ACCOUNTANT SHALL  PROVIDE
ACCOUNTING SERVICES, OTHER THAN THE PROVISION OF AN AUDIT, TO ANY CORPO-
RATION,  THE  SHARES  OR  BONDS OF WHICH ARE PUBLICLY TRADED, UPON WHICH
SUCH ACCOUNTANT HAS CONDUCTED AN AUDIT WITHIN THE PREVIOUS  FIVE  YEARS.
THE  BOARD  OF REGENTS SHALL PROMULGATE ANY RULES AND REGULATIONS NECES-
SARY TO IMPLEMENT THIS SECTION.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided  that  any  rules  and  regulations
necessary  to implement the provisions of this act on its effective date
are authorized and directed to be promulgated on or before such date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09017-01-5

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