AR HB1441

Raises the threshold for mandatory annual financial audits from 500 to 750 service connections for counties, municipalities, improvement districts, and not-for-profit entities providing water or sewage services

Increases the threshold for entities required to obtain either an annual audit or agreed-upon procedures report from 500 to 750 service connections (for entities with 100-750 connections)

Specifies that agreed-upon procedures reports must include proof and reconciliation of cash, confirmation of cash balances, asset and liability statements, cash receipt and disbursement statements, and testing of water and sewer revenues

Requires all audits and agreed-upon procedures reports to be completed within one year following each system's fiscal year end

Mandates that entities employ accountants who are licensed and in good standing with the Arkansas State Board of Public Accountancy