STATE OF NEW YORK
        ________________________________________________________________________

                                          4160

                               2003-2004 Regular Sessions

                   IN ASSEMBLY

                                    February 12, 2003
                                       ___________

        Introduced  by  M.  of  A. ENGLEBRIGHT -- Multi-Sponsored by -- M. of A.
          LAVELLE -- 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:

     1    Section 1. The education law is amended by adding a new  section  7410
     2  to read as follows:
     3    §  7410.  Prohibition. No certified public accountant, public account-
     4  ant, or employee, partner or associate of such accountant shall  provide
     5  accounting services, other than the provision of an audit, to any corpo-
     6  ration,  the  shares  or  bonds of which are publicly traded, upon which
     7  such accountant has conducted an audit within the previous  five  years.
     8  The  board  of regents shall promulgate any rules and regulations neces-
     9  sary to implement this section.
    10    § 2. This act shall take effect on the one hundred twentieth day after
    11  it shall have become a law; provided  that  any  rules  and  regulations
    12  necessary  to implement the provisions of this act on its effective date
    13  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.
                                                                   LBD06715-01-3