New York Consolidated Laws, Public Authorities Law - PBA § 2930. Definitions

1. “Internal control”.  A process that integrates the activities, plans, attitudes, policies, systems, resources and efforts of the people of an organization working together, and that is designed to provide reasonable assurance that the organization will achieve its objectives and mission.  The objectives of an internal control system include, but are not limited to:  the safeguarding of assets;  checking the accuracy and reliability of accounting data and financial reporting;  promoting the effectiveness and efficiency of operations;  ensuring compliance with applicable laws and regulations;  and encouraging adherence to prescribed managerial policies.  Internal control review processes are used periodically to evaluate the ongoing internal control system and to assess and monitor the implementation of necessary corrective actions.

2. “Internal audit”.  An appraisal activity established by the management of an organization for the review of operations as a means of assuring conformity with management policies and the effectiveness of internal control, and conducted in conformance with generally accepted standards for internal auditing.

3. “Covered authority”.  Any public authority or public benefit corporation, other than a bi-state authority or public benefit corporation, a majority of whose members are appointed by the governor or serve as members by virtue of holding state offices to which they were appointed by the governor, or any combination thereof.