Arkansas Code Title 10. General Assembly § 10-4-413. Audits of schools

(b)(1)(A) A school 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 an annual financial audit 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) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless:

(C) 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.

(A) A balance sheet;

(B) A statement of revenues, expenditures, and changes in fund balances;

(C) A comparison of the final adopted budget to the actual expenditures for the general fund of the entity and the special revenue fund of the entity; and

(D) Notes to the financial statements.

(A) Land;

(B) Buildings; and

(C) Equipment.