Date: Dec 08, 2011
Press Release Number: 151-2011
Selection by Audit Committee Represents First Change in 31 Years
The Port Authority of New York and New Jersey’s Audit Committee today selected KPMG LLP as its new independent accounting firm for 2012. KPMG becomes the first new auditor of the Port Authority since 1981.
In a September 19, 2011 letter by Chairman David Samson to Governors Chris Christie and Andrew Cuomo, Samson laid out a thorough process to review the entire agency by the creation of a Special Committee of the Board to focus on a complete review of the agency, including its past and current governance, management and financial practices, and its capital projects and spending. One of the critical changes specified was the selection of an external auditor for the year 2012. Today’s action by the Board’s Audit Committee fulfills that commitment.
Audit Committee Chairman David Steiner said, “KPMG is one of the world’s leading experts in the auditing of public entities and we are pleased to move forward with them.”
Audit Committee member Jeffrey Lynford said, “We have had a great partnership with Deloitte LLP for more than three decades. We know as we undertake a transition to our new auditors that we have been fortunate to work with them and have benefitted significantly from their efforts on our behalf.”
The by-laws of the Port Authority require an independent accounting firm to annually audit the consolidated financial statements of net assets and related statements of revenues, expenses and cash flows as well as assist in the assessment of the accounting principles and significant estimates used in the overall presentation of the financial statements.
Board Chairman David Samson said, “Today’s selection of a new external auditor is part of our continuing commitment to create a new Port Authority.”
The Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
The Port Authority of New York and New Jersey, which does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.