What's happening
This bill changes the required internal audit risk assessment review for school districts from annual to biennial.
Why it matters
Reduces administrative burden. on school districts by changing the frequency of required internal audit risk assessment reviews from every year to every two years, potentially freeing up time and resources for other priorities.
May affect early detection of risks. in school district operations, as issues or weaknesses in financial controls might go unnoticed for longer periods between reviews.
Could lead to cost savings. for districts, since conducting fewer formal risk assessment reviews may lower expenses related to hiring auditors or dedicating staff to the audit process.
Maintains annual reporting on risk findings. even with the risk assessment review becoming biennial, school districts are still required to prepare reports at least annually, so oversight and transparency are not entirely diminished.
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Audit Reviews Every Two Years
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to education
- Referred to education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Audit Reviews Now Every Two Years
In Senate Committee · Education · Sponsor John E. Brooks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6508
2019-2020 Regular Sessions
IN ASSEMBLY
March 8, 2019
Introduced by M. of A. THIELE -- read once and referred to the Committee on Education
AN ACT to amend the education law, in relation to the school district internal audit function
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 2116-b of the education law, as added by chapter 263 of the laws of 2005, is amended to read as follows:
1. No later than July first, two thousand six, each school district shall establish an internal audit function to be in operation no later than the following December thirty-first. Such function shall include: (a) development of a risk assessment of district operations, including but not limited to, a review of financial policies and procedures and the testing and evaluation of district internal controls; (b) [an annual] a biennial review and update of such risk assessment; and (c) preparation of reports, at least annually or more frequently as the trustees or board of education may direct, which analyze significant risk assessment findings, recommend changes for strengthening controls and reducing identified risks, and specify timeframes for implementation of such recommendations.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10451-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.