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6-20-1804. List of ineligible accountants.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1804. List of ineligible accountants.
(a) The Division of Elementary and Secondary Education shall maintain a list of accountants or accounting firms ineligible to conduct school district audits. Accountants or accounting firms placed on the ineligibility list by the division shall be ineligible to conduct school audits for a period determined by the division but which shall not exceed a five-year period from the end of the fiscal year for which the audit report was contracted to be prepared.
(b) Before entering into contracts for audit services, school districts shall inquire with the division which accountants are ineligible to conduct public school audits.
(c) The division may place accountants or accounting firms on the ineligibility list for any of the following reasons:
(1) If, in the opinion of the division or the Legislative Joint Auditing Committee, a school district audit report is not filed within the nine-month time period or within the time period under any extension granted by the division with the division and Arkansas Legislative Audit as required by § 6-20-1801 because of neglect or fault of the certified public accountant or accounting firm;
(2) If the Quality Review Committee of the Arkansas State Board of Public Accountancy reports to the division and the Legislative Joint Auditing Committee that a school district audit report shows evidence of lack of general conformity with applicable professional standards or state laws and rules or evidence that the report is substandard or seriously questionable; or
(3) Any other compelling reason that the division believes justifies placing the accountant or accounting firm on the ineligibility list.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1804
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:6-20-1804
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 82d03c838ed9779b1ba6e8440d1d586cb88cd90aa938b5caa6427a79b5cb415e
Source location: content.xml paragraph 22453
Stored source content
6-20-1804. List of ineligible accountants.
(a) The Division of Elementary and Secondary Education shall maintain a list of accountants or accounting firms ineligible to conduct school district audits. Accountants or accounting firms placed on the ineligibility list by the division shall be ineligible to conduct school audits for a period determined by the division but which shall not exceed a five-year period from the end of the fiscal year for which the audit report was contracted to be prepared.
(b) Before entering into contracts for audit services, school districts shall inquire with the division which accountants are ineligible to conduct public school audits.
(c) The division may place accountants or accounting firms on the ineligibility list for any of the following reasons:
(1) If, in the opinion of the division or the Legislative Joint Auditing Committee, a school district audit report is not filed within the nine-month time period or within the time period under any extension granted by the division with the division and Arkansas Legislative Audit as required by § 6-20-1801 because of neglect or fault of the certified public accountant or accounting firm;
(2) If the Quality Review Committee of the Arkansas State Board of Public Accountancy reports to the division and the Legislative Joint Auditing Committee that a school district audit report shows evidence of lack of general conformity with applicable professional standards or state laws and rules or evidence that the report is substandard or seriously questionable; or
(3) Any other compelling reason that the division believes justifies placing the accountant or accounting firm on the ineligibility list.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1801. Filing of audit reports.
(a)(1) Unless a shorter period is prescribed by law or rule, all school districts' annual audits not conducted by Arkansas Legislative Audit shall be completed and filed with the Division of Elementary and Secondary Education and Arkansas Legislative Audit within nine (9) months following the end of each fiscal year.
(2) At the request of the school district, the division may grant an extension of up to ninety (90) days on the deadline under this subsection.
(b)(1) All school district contracts for audit services with private certified public accountants shall contain a provision requiring completion of the audit and filing of the audit reports by the auditor with the division and Arkansas Legislative Audit within nine (9) months following the end of each fiscal year.
(2) At the request of the school district, the division may grant an extension of up to ninety (90) days on the deadline under this subsection.
(c) Arkansas Legislative Audit shall annually provide the division a list of school districts audited by Arkansas Legislative Audit and update the division on any changes throughout the year.
(d)(1) If the division has identified a school as being in fiscal distress by June 30 of any year, the annual audit of that school district shall be completed and filed with the division and the Legislative Joint Auditing Committee within six (6) months following the end of each fiscal year.
(2) If the Legislative Joint Auditing Committee determines that circumstances warrant, the Legislative Joint Auditing Committee may extend the time to file the audit report of a fiscally distressed school district up to an additional ninety (90) days.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1801
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 6-20-1801. This identifies an authority to review, not proof of applicability.