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12-8-405. Required audit inquiry.
Arkansas Code — all titles (historical 2020) · legal_authorities
12-8-405. Required audit inquiry.
An audit of an affected municipality under § 10-4-412 or § 14-58-101 shall include an inquiry to determine whether the affected municipality is potentially abusing police power.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 12-8-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:12-8-405
Source file: gov.ar.code.title.12.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5798bf6ee8158ea9fac6b03fe23d88a6612f26edd11d3e12e23066410dfae899
Source location: content.xml paragraph 1144
Stored source content
12-8-405. Required audit inquiry.
An audit of an affected municipality under § 10-4-412 or § 14-58-101 shall include an inquiry to determine whether the affected municipality is potentially abusing police power.
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Arkansas Code — all titles (historical 2020) · legal_authorities
10-4-412. Audits of counties and municipalities.
(a)(1) Except as provided in subdivision (a)(2) of this section, the Legislative Auditor shall audit counties and municipalities in the state.
(2)(A)(i) Any municipality 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 a financial audit as prescribed in subsection (b) of this section.
(ii) All reports of the annual financial audit shall be filed with the Legislative Auditor within ten (10) days of issuance of the audit report.
(B) Nothing in subdivision (a)(2)(A) of this section limits the authority of the Legislative Auditor to conduct an audit of any municipality.
(b) Financial Audits.
(1)(A) For purposes of this subsection, a financial audit shall be planned and conducted, and the results of the work reported 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) 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) Regulatory Basis.
(A) For county and municipal financial audits, the financial statements shall be presented on a fund-basis format with, at a minimum, the general fund and the street or road fund presented separately, and all other funds included in the audit presented in the aggregate.
(B) The financial statements shall consist of the following:
(i) A balance sheet;
(ii) A statement of revenues (receipts), expenditures (disbursements), and changes in fund e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 10-4-412
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 10-4-412. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-58-101. Audit by independent accountant.
(a) The audit or agreed-upon procedures engagement of every municipality shall be made by Arkansas Legislative Audit or other independent persons licensed and in good standing to practice accounting by the Arkansas State Board of Public Accountancy, to be selected by the governing body of the municipality.
(b) Any statutorily required audit of a municipality shall include, as a minimum, a review and comments on substantial compliance with each of the following Arkansas laws:
(1) Arkansas Municipal Accounting Law, § 14-59-101 et seq.;
(2) Arkansas District Courts Accounting Law, § 16-10-201 et seq.;
(3) Improvement contracts, §§ 22-9-202 — 22-9-204;
(4) Budgets, purchases, and payments of claims, etc., § 14-58-201 et seq. and 14-58-301 et seq.;
(5) Investment of public funds, § 19-1-501 et seq.; and
(6) Deposit of public funds, §§ 19-8-101 — 19-8-107.
(c)(1) For the purposes of this section, an audit shall be planned, conducted and the results of the work reported in accordance with generally accepted government auditing standards, if applicable.
(2)(A) The financial statements of municipalities shall be presented on a fund basis with, as a minimum:
(i) The general fund and the street fund presented separately; and
(ii) All other funds included in the audit presented in the aggregate.
(B) The financial statements shall consist of the following:
(i) A balance sheet;
(ii) A statement of revenues (receipts), expenditures (disbursements), and changes in fund equity (balances);
(iii) A comparison of the final adopted budget to the actual expenditures for the general fund and street fund of the entity; and
(iv) Notes to financial statements.
(C) The report shall include as supplemental information
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-58-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-58-101. This identifies an authority to review, not proof of applicability.