AR HB1579

Amends Arkansas Code § 10-4-412(b) to require financial audits of counties and municipalities be planned, conducted, and reported in accordance with auditing standards generally accepted in the United States and Government Auditing Standards issued by the Comptroller General.

Requires financial statements to be presented in fund-basis format with the general fund and street or road fund presented separately, along with a balance sheet, statement of revenues and expenditures, budget comparison, and notes to financial statements.

Allows municipalities and counties to adopt an annual resolution requiring financial audits to be performed and presented in accordance with Governmental Accounting Standards Board, American Institute of Certified Public Accountants, and United States Government Accountability Office standards as an alternative.

Changes reference from "Legislative Auditor" to "Legislative Joint Auditing Committee" regarding minimum procedures for agreed-upon procedures engagements conducted by licensed accountants.

Expands public inspection exemptions for audit reports to apply to all reports in the custody or possession of any person before presentation to the Legislative Joint Auditing Committee or approval for early release, regardless of physical location.