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AR SB647
Bill
Status
Passed
4/26/2021
Primary Sponsor
Jonathan Dismang
Click for details
AI Summary
- Increases the threshold for mandatory annual financial audits of sewage systems from 750 to 2,000 service connections during a fiscal year
- Increases the threshold for mandatory annual financial audits of water systems from 1,000 to 2,000 service connections during a fiscal year
- Raises the threshold for systems requiring either an annual audit or agreed-upon procedures and compilation report from 100-750 connections (sewage) and 100-1,000 connections (water) to 100-2,000 connections for both types
- Requires agreed-upon procedures and compilation reports to follow standards established by the American Institute of Certified Public Accountants and minimum procedures prescribed by the Legislative Joint Auditing Committee
- Mandates that all audits and reports be completed within one year following each system's fiscal year end, and that accountants must be licensed and in good standing with the Arkansas State Board of Public Accountancy
Legislative Description
To Amend The Law Concerning The Annual Audits And Procedures Of Water And Sewer Systems.
Last Action
Notification that SB647 is now Act 907
4/26/2021
Committee Referrals
City, County and Local Affairs4/14/2021
City, County & Local Affairs4/7/2021
Full Bill Text
No bill text available