Ark. Code Ann. § 10-4-413
This is the official text of Ark. Code Ann. § 10-4-413, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Audits of schools
Official statutory text
(a) Except as provided in subdivision (b)(1) of this section, the Legislative Auditor shall audit schools. (b) (1) (A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States. (B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit. (C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (2) Every report of an annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report to the school board. (3) Nothing in this subsection limits the authority of the Legislative Auditor to conduct an audit of any school. (c) Regulatory Basis. (1) For school financial audits, the financial statements shall be presented on a fund basis format with, as a minimum, the general fund and the special revenue fund presented separately and all other funds included in the audit presented in the aggregate. (2) The financial statements shall consist of the following: (A) A balance sheet; (B) A statement of revenues, expenditures, and changes in fund balances; (C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements. (3) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (4) The report shall include as supplemental information a schedule of capital assets, including: (A) Land; (B) Buildings; and (C) Equipment. (5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection. Amended by Act 2019, No. 867,§ 1, eff. 7/24/2019. Amended by Act 2015, No. 554,§ 16, eff. 7/22/2015. Acts 2005, No. 2201, § 7; 2011, No. 993, § 16.
(a) Except as provided in subdivision (b)(1) of this section, the Legislative Auditor shall audit schools.
(C) Equipment. (5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection. Amended by Act 2019, No. 867,§ 1, eff. 7/24/2019. Amended by Act 2015, No. 554,§ 16, eff. 7/22/2015. Acts 2005, No. 2201, § 7; 2011, No. 993, § 16.
(a) Except as provided in subdivision (b)(1) of this section, the Legislative Auditor shall audit schools.
(b) (1) (A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States. (B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit. (C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (2) Every report of an annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report to the school board. (3) Nothing in this subsection limits the authority of the Legislative Auditor to conduct an audit of any school.
(1) (A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States. (B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit. (C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States.
(A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States.
(B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit.
(i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and
(ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit.
(C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(2) Every report of an annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report to the school board.
(3) Nothing in this subsection limits the authority of the Legislative Auditor to conduct an audit of any school.
(c) Regulatory Basis. (1) For school financial audits, the financial statements shall be presented on a fund basis format with, as a minimum, the general fund and the special revenue fund presented separately and all other funds included in the audit presented in the aggregate. (2) The financial statements shall consist of the following: (A) A balance sheet; (B) A statement of revenues, expenditures, and changes in fund balances; (C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements. (3) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (4) The report shall include as supplemental information a schedule of capital assets, including: (A) Land; (B) Buildings; and (C) Equipment. (5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection.
(1) For school financial audits, the financial statements shall be presented on a fund basis format with, as a minimum, the general fund and the special revenue fund presented separately and all other funds included in the audit presented in the aggregate.
(2) The financial statements shall consist of the following: (A) A balance sheet; (B) A statement of revenues, expenditures, and changes in fund balances; (C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements.
(A) A balance sheet;
(B) A statement of revenues, expenditures, and changes in fund balances;
(C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and
(D) Notes to the financial statements.
al fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements.
(A) A balance sheet;
(B) A statement of revenues, expenditures, and changes in fund balances;
(C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and
(D) Notes to the financial statements.
(3) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(4) The report shall include as supplemental information a schedule of capital assets, including: (A) Land; (B) Buildings; and (C) Equipment.
(A) Land;
(B) Buildings; and
(C) Equipment.
(5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection.
Amended by Act 2019, No. 867,§ 1, eff. 7/24/2019.
Amended by Act 2015, No. 554,§ 16, eff. 7/22/2015.
Acts 2005, No. 2201, § 7; 2011, No. 993, § 16.
(a) Except as provided in subdivision (b)(1) of this section, the Legislative Auditor shall audit schools.
(C) Equipment. (5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection. Amended by Act 2019, No. 867,§ 1, eff. 7/24/2019. Amended by Act 2015, No. 554,§ 16, eff. 7/22/2015. Acts 2005, No. 2201, § 7; 2011, No. 993, § 16.
(a) Except as provided in subdivision (b)(1) of this section, the Legislative Auditor shall audit schools.
(b) (1) (A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States. (B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit. (C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (2) Every report of an annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report to the school board. (3) Nothing in this subsection limits the authority of the Legislative Auditor to conduct an audit of any school.
(1) (A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States. (B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit. (C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States.
(A) A school may retain the services of a licensed certified public accountant or a licensed accountant in public practice in good standing with the Arkansas State Board of Public Accountancy to conduct an annual financial audit in accordance with auditing standards generally accepted in the United States and the Government Auditing Standards issued by the Comptroller General of the United States.
(B) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless: (i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and (ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit.
(i) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant or licensed accountant in public practice under subdivision (b)(1)(A) of this section; and
(ii) The State Board of Education approves the open-enrollment public charter school's use of an entity other than the Legislative Auditor to prepare the annual financial audit.
(C) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(2) Every report of an annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report to the school board.
(3) Nothing in this subsection limits the authority of the Legislative Auditor to conduct an audit of any school.
(c) Regulatory Basis. (1) For school financial audits, the financial statements shall be presented on a fund basis format with, as a minimum, the general fund and the special revenue fund presented separately and all other funds included in the audit presented in the aggregate. (2) The financial statements shall consist of the following: (A) A balance sheet; (B) A statement of revenues, expenditures, and changes in fund balances; (C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements. (3) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards. (4) The report shall include as supplemental information a schedule of capital assets, including: (A) Land; (B) Buildings; and (C) Equipment. (5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection.
(1) For school financial audits, the financial statements shall be presented on a fund basis format with, as a minimum, the general fund and the special revenue fund presented separately and all other funds included in the audit presented in the aggregate.
(2) The financial statements shall consist of the following: (A) A balance sheet; (B) A statement of revenues, expenditures, and changes in fund balances; (C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements.
(A) A balance sheet;
(B) A statement of revenues, expenditures, and changes in fund balances;
(C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and
(D) Notes to the financial statements.
al fund of the entity and the special revenue fund of the entity; and (D) Notes to the financial statements.
(A) A balance sheet;
(B) A statement of revenues, expenditures, and changes in fund balances;
(C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and
(D) Notes to the financial statements.
(3) The report shall include a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with the Government Auditing Standards.
(4) The report shall include as supplemental information a schedule of capital assets, including: (A) Land; (B) Buildings; and (C) Equipment.
(A) Land;
(B) Buildings; and
(C) Equipment.
(5) The State Board of Education shall promulgate rules necessary to administer the regulatory basis provided in this subsection.
Amended by Act 2019, No. 867,§ 1, eff. 7/24/2019.
Amended by Act 2015, No. 554,§ 16, eff. 7/22/2015.
Acts 2005, No. 2201, § 7; 2011, No. 993, § 16.
Status: in_force
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