AR HB1582

Requires counties, municipalities, improvement districts, and not-for-profit entities providing water or sewage services with 100 to 500 service connections to obtain annual audits or annual reports of agreed-upon procedures.

Specifies agreed-upon procedures must include proof and reconciliation of cash, confirmation of cash balances, statements of assets/liabilities, cash receipts/disbursements, and tests of water and sewer revenues tracing deposits.

Requires agreed-upon procedures to be conducted in accordance with standards established by the American Institute of Certified Public Accountants and subject to minimum procedures prescribed by the Legislative Joint Auditing Committee.

Requires accountants to submit audit reports or agreed-upon procedures reports to the Legislative Auditor within 30 days of completion in an electronic media format approved by the Legislative Auditor.

Authorizes the Legislative Auditor to request copies of audit reports or agreed-upon procedures reports from accountants, which must be furnished within 30 days of the request.