Arkansas Code Title 14. Local Government § 14-58-101. Audit by independent accountant

(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.

(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.