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14-58-101. Audit by independent accountant.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-58-101
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2cc99716e2a6b294b469ef252e53eb5c8e0378a186b0889c8a0be87a632c401c
Source location: content.xml paragraph 18383
Stored source content
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 a schedule of general fixed assets, including land, buildings, and equipment.
(3) In the alternative to subdivision (c)(2) of this section, the governing body of the municipality may adopt an annual resolution requiring their audit to be performed in accordance with the guidelines and format prescribed by the Governmental Accounting Standards Board, the American Institute of Certified Public Accountants, and the United States Government Accountability Office, if applicable.
(d)(1) As an alternative to an audit, the municipal governing body may authorize an agreed-upon procedures engagement of the records and accounts.
(2) For the purposes of this section, agreed-upon procedures engagements shall be conducted in accordance with standards established by the American Institute of Certified Public Accountants and subject to the minimum procedures prescribed by the Legislative Auditor.
(e) The Legislative Joint Auditing Committee shall monitor the reports prescribed in this section to ensure that the reports meet the needs of the General Assembly, the public entities, and the general public.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-59-101. Title.
This chapter shall be known and cited as the “Arkansas Municipal Accounting Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-59-101
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 14-59-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-10-201. Title.
This subchapter shall be known and cited as the “Arkansas District Courts Accounting Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-10-201
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 16-10-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-9-202. Construction of this section and §§ 22-9-203 and 22-9-204.
(a) It is the intent of this section and §§ 22-9-203 and 22-9-204 to provide a uniform procedure that a taxing unit shall follow when work is done under formal contract.
(b)(1) This section and §§ 22-9-203 and 22-9-204 do not:
(A) Prevent a taxing unit from performing any of the work or making any of the improvements referred to in this section and §§ 22-9-203 and 22-9-204 by the use of its own employees; or
(B) Require that bids must be received from a contractor as a condition precedent to the right to use the taxing unit's own employees.
(2) This section and §§ 22-9-203 and 22-9-204 do not prevent a county government from separately procuring:
(A) Commodities in accordance with § 14-22-101 et seq.;
(B) Professional services in accordance with § 19-11-801 et seq.; or
(C) Construction work from one (1) or more separate contractors under separate contract or invoice so that the work is not included in calculating the bid requirement threshold of thirty-five thousand dollars ($35,000).
(c) This section and §§ 22-9-203 and 22-9-204 do not amend or repeal any law that requires the publication of notice in those instances in which the estimated amount of the cost of the proposed improvements within the scope of the contract is more than thirty-five thousand dollars ($35,000).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-9-202
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 22-9-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-9-204. Subcontractors exceeding $50,000 — Penalty.
(a) As a condition to performing construction work for and in the State of Arkansas, all prime contractors shall use no other subcontractors when the subcontractors' portion of the project is fifty thousand dollars ($50,000) or more, except those licensed by the Contractors Licensing Board and qualified in:
(1) Mechanical, indicative of heating, air conditioning, ventilation, and refrigeration;
(2) Plumbing;
(3) Electrical; and
(4) Roofing.
(b)(1) In the event the prime contractor is qualified and licensed by the board, he or she may use his or her own forces to perform those tasks listed in this section as subcontractors in one (1) or more of the trades listed.
(2)(A) A subcontractor, including the situation stated in subdivision (b)(1) of this section, may subcontract a portion of the listed work.
(B) However, a subcontractor is prohibited from subcontracting the work in its entirety.
(c)(1) When the prime contractor makes a definite decision regarding the subcontractors he or she intends to use, he or she shall place the name of each subcontractor in a blank space provided on the form of proposal of his or her bid.
(2) In the event that one (1) or more of the subcontractors named by the prime contractor in his or her successful bid thereafter refuses to perform his or her contract or offered contract, the prime contractor may substitute another subcontractor licensed by the board after having obtained prior approval from the architect or engineer and the owner. Additional approval must be obtained from the Building Authority Division for capital improvement projects under its jurisdiction.
(d) The prime contractor shall submit written evidence that the substituted contractor is costing the sa
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-9-204
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 22-9-204. This identifies an authority to review, not proof of applicability.