New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter F - Public Retirement Systems
Part 136 - Public Retirement Systems
Subpart 136-1 - Standards For Certain Actuarially Funded Public Retirement System
Section 136-1.4 - Accounting practices

(a) All records, including work papers for the preparation of the annual statement filed with the Insurance Department, shall be available to the department's examiners and shall not be destroyed unless authorized by the superintendent in writing.

(b) Books of account and records of each retirement system shall be maintained by fiscal years for which the system files its reports, in permanent and legible form and in such condition that legible copies can be reproduced from them.

(c) Each system shall maintain a classification of its accounts, numbered and titled, together with an accurate description of the content of each account by debit and credit. Such classification of accounts shall be consistent with the requirements of the annual statement form prescribed by the superintendent.

(d) Each system shall maintain records which set forth the expenses incurred by it or on its behalf in the course of its operations.

(e) No authorization for a disbursement shall be valid unless signed by two signatories designated by the administrative head.

(f) Monthly bank reconciliations shall be prepared by persons other than those handling receipts and disbursements.

(g) Each system shall have on its staff an internal auditor who shall report directly to the administrative head and shall submit to the administrative head regular reports of the audits of the system's records and accounting procedures including recommendations for improvement and correction.