AR HB1934

Amends Arkansas Code § 10-4-413(c) to reorganize and renumber the regulatory basis requirements for school financial audits.

Requires school financial statements to be presented on a fund basis format with the general fund and special revenue fund presented separately and all other funds in aggregate.

Mandates school audit reports include a balance sheet, statement of revenues and expenditures, budget-to-actual comparison for general and special revenue funds, and notes to financial statements.

Requires audit reports to include supplemental information on capital assets (land, buildings, and equipment) and internal control assessments performed in accordance with Government Auditing Standards.

Allows school governing bodies to adopt a resolution requiring audits to be performed under Government Accounting Standards Board, American Institute of Certified Public Accountants, and United States Government Accountability Office guidelines as an alternative to the regulatory basis.