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23-115-212. Duties and responsibilities of internal auditor.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-212. Duties and responsibilities of internal auditor.
(a) The internal auditor employed by the Office of the Arkansas Lottery shall report directly to the Secretary of the Department of Finance and Administration.
(b) The secretary shall determine the duties and responsibilities of the internal auditor that:
(1) Assist the office in the office's obligations under § 23-115-206; and
(2) Are consistent with the suggested standards for the professional practice of internal auditing as adopted by the Institute of Internal Auditors, including without limitation:
(A) Preparing a formal written three-year audit plan and presenting it to the secretary for the secretary's approval;
(B) Conducting ongoing reviews of the internal procedures, records, and operating procedures of the office and the lotteries to:
(i) Verify compliance with established policies, procedures, and control systems;
(ii) Assure compliance with regulatory and statutory conditions; and
(iii) Assure adherence to generally accepted accounting principles; and
(C) Advising the secretary of inconsistencies within or improvements needed to the internal controls, operating procedures, or accounting procedures of the office or the lotteries.
(c)(1) The internal auditor shall report to the Legislative Council one (1) time per month to:
(A) Advise the Legislative Council concerning current issues and problems reported to the secretary under subsection (b) of this section; and
(B) Update the Legislative Council concerning the resolution of any audit findings of Arkansas Legislative Audit.
(2) The internal auditor is not required to file a report but shall include a statement in the monthly report of the office if:
(A) There are no current issues or problems reported to the office; an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-212
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:23-115-212
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6bd02e7ababdb5ed90e7c5089154e0d42ac31ece09c1391c9d336065d97ba39b
Source location: content.xml paragraph 66005
Stored source content
23-115-212. Duties and responsibilities of internal auditor.
(a) The internal auditor employed by the Office of the Arkansas Lottery shall report directly to the Secretary of the Department of Finance and Administration.
(b) The secretary shall determine the duties and responsibilities of the internal auditor that:
(1) Assist the office in the office's obligations under § 23-115-206; and
(2) Are consistent with the suggested standards for the professional practice of internal auditing as adopted by the Institute of Internal Auditors, including without limitation:
(A) Preparing a formal written three-year audit plan and presenting it to the secretary for the secretary's approval;
(B) Conducting ongoing reviews of the internal procedures, records, and operating procedures of the office and the lotteries to:
(i) Verify compliance with established policies, procedures, and control systems;
(ii) Assure compliance with regulatory and statutory conditions; and
(iii) Assure adherence to generally accepted accounting principles; and
(C) Advising the secretary of inconsistencies within or improvements needed to the internal controls, operating procedures, or accounting procedures of the office or the lotteries.
(c)(1) The internal auditor shall report to the Legislative Council one (1) time per month to:
(A) Advise the Legislative Council concerning current issues and problems reported to the secretary under subsection (b) of this section; and
(B) Update the Legislative Council concerning the resolution of any audit findings of Arkansas Legislative Audit.
(2) The internal auditor is not required to file a report but shall include a statement in the monthly report of the office if:
(A) There are no current issues or problems reported to the office; and
(B) The office and Arkansas Legislative Audit agree that all audit findings are resolved.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-206. Internal controls — Annual audit.
(a) To ensure the financial integrity of lotteries, the Office of the Arkansas Lottery shall:
(1) Establish and maintain effective internal controls over financial reporting, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, agreements, and grants;
(2)(A) Establish and maintain effective internal controls to prevent and detect fraud, including without limitation a system of internal audits.
(B) The Director of the Office of the Arkansas Lottery shall:
(i) By July 1, 2015, approve a formal, written three-year audit plan; and
(ii) Annually review the audit plan.
(C) The director shall review and take action to approve or reject a recommendation from the internal auditor to amend the audit plan;
(3) Include in any contract or license with a vendor or retailer for data processing services or other computer services a provision permitting Arkansas Legislative Audit to have access and authority to audit the computer systems of the vendor or retailer;
(4) Notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving management or other employees of the office or others with whom the office contracts;
(5) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution, applicable statutes, rules, contracts, agreements, or grants;
(6) Prepare the financial statements, including the related notes to the financial statements, of the office in accordance with generally accepted accounting principles and in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-206
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 23-115-206. This identifies an authority to review, not proof of applicability.