Officials have indicated that New York State comptroller Thomas DiNapoli's audit of the New York Racing Association could take anywhere from six months to one year

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According to a report by The Saratogian, Jennifer Freeman, a spokeswoman for DiNapoli, has said that there will be a thorough analysis of NYRA.

In the summer of 2009, the racing association announced that it expected to finish the year with a profit. Come December, NYRA stated that it would lose $1 million and the 2010 edition of the Belmont Stakes was in jeopardy.

“We’ll be looking at their internal controls, how they manage their finances, financial statements, payroll, salaries and procurement contracts,” Freeman was quoted as saying.

“New Yorkers have a right to know what NYRA’s up to and my audit will let them know,” DiNapoli was quoted as saying.

Click here to the read The Saratogian article in its entirety.

(With files from The Saratogian)