AZ SB1308

Requires charter school audits to follow a standard format that includes detailed information on assets, liabilities, revenues, expenditures, and related party expenses.

Mandates that audits be conducted by auditors located in Arizona who have demonstrated expertise in state laws and are on an acceptable auditors list maintained by the state board for charter schools, with the list updated annually.

Requires audits to be completed individually for each charter school entity separate from any larger organization, though consolidated audits may also be prepared.

Requires audit reports to be numerically identical to IRS Form 990 and associated annual financial reports, with any inconsistencies explained in the audit along with remediation plans.