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14-71-101. County fiscal year — Accounting method for county budget and treasury audit purposes — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-71-101. County fiscal year — Accounting method for county budget and treasury audit purposes — Definition.
(a) The fiscal year of the counties of the state, covering each period of twelve (12) months, begins on January 1 of each year and ends at the close of business on December 31 of the same year.
(b)(1) Counties shall use the modified accrual accounting basis for audit purposes.
(2)(A) For county government and the regulatory basis of accounting under § 10-4-412(b)(2), “modified accrual accounting basis” is defined as an accounting system that recognizes revenues at the time revenues become available and measurable and expenditures at the time liabilities are incurred.
(B) Revenues and expenditures are accruable to the fiscal year as provided in subsection (c) of this section.
(c)(1) Obligations incurred by a county on or before the end of the fiscal year that are not issued an accounts payable claim until the following fiscal year shall be posted to the prior fiscal year appropriations journal when paid within the first two (2) months of the following fiscal year.
(2)(A) Revenues collected and owed to a county treasury before the end of the fiscal year and not remitted to the county treasury until the following fiscal year are accruable to the prior fiscal year when receipted by the county treasurer within the first two (2) months of the following fiscal year, except as provided in subdivision (c)(2)(C) of this section.
(B) Moneys received by the respective counties from the County Aid Fund are revenues of the year in which the moneys are received and are not revenues of the year in which the moneys were collected and paid into the State Treasury.
(C) Moneys received by the respective counties from the Treasurer of State representing county sales
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-71-101
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:14-71-101
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7d34a382da50e58b02e54bab0b336ac7b4094d24ad38a94de4fff6fb0f646b26
Source location: content.xml paragraph 19770
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14-71-101. County fiscal year — Accounting method for county budget and treasury audit purposes — Definition.
(a) The fiscal year of the counties of the state, covering each period of twelve (12) months, begins on January 1 of each year and ends at the close of business on December 31 of the same year.
(b)(1) Counties shall use the modified accrual accounting basis for audit purposes.
(2)(A) For county government and the regulatory basis of accounting under § 10-4-412(b)(2), “modified accrual accounting basis” is defined as an accounting system that recognizes revenues at the time revenues become available and measurable and expenditures at the time liabilities are incurred.
(B) Revenues and expenditures are accruable to the fiscal year as provided in subsection (c) of this section.
(c)(1) Obligations incurred by a county on or before the end of the fiscal year that are not issued an accounts payable claim until the following fiscal year shall be posted to the prior fiscal year appropriations journal when paid within the first two (2) months of the following fiscal year.
(2)(A) Revenues collected and owed to a county treasury before the end of the fiscal year and not remitted to the county treasury until the following fiscal year are accruable to the prior fiscal year when receipted by the county treasurer within the first two (2) months of the following fiscal year, except as provided in subdivision (c)(2)(C) of this section.
(B) Moneys received by the respective counties from the County Aid Fund are revenues of the year in which the moneys are received and are not revenues of the year in which the moneys were collected and paid into the State Treasury.
(C) Moneys received by the respective counties from the Treasurer of State representing county sales and use taxes are revenues of the year in which the moneys are received and are not revenues of the year in which the moneys were collected and paid into the State Treasury.
(d) The finance officers of the county shall keep and maintain records as required by law to account for accruable receivables or payables for audit purposes.
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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.