Arkansas § 19-3-506 Custodian of moneys and securities - Internal controls - Annual audit

Arkansas Statutes

§ 19-3-506 — Custodian of moneys and securities - Internal controls - Annual audit

(a)(1) The Treasurer of State shall:

(A)Be custodian of all moneys, securities, and certificates of deposit at any time held in the State Treasury; and (B) Maintain all moneys and securities consistent with generally accepted accounting principles.

(2)However, control of the disposition of securities is vested in the respective administrators of the several trust accounts for whom the securities are held.

(b)To ensure the financial integrity of the State Treasury, the Treasurer of State shall:

(1)Establish and maintain effective internal controls over financial reporting and record keeping, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, and agreements;

(2)Establish and maintain effective internal contro

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(a) (1) The Treasurer of State shall: (A) Be custodian of all moneys, securities, and certificates of deposit at any time held in the State Treasury; and (B) Maintain all moneys and securities consistent with generally accepted accounting principles. (2) However, control of the disposition of securities is vested in the respective administrators of the several trust accounts for whom the securities are held. (b) To ensure the financial integrity of the State Treasury, the Treasurer of State shall: (1) Establish and maintain effective internal controls over financial reporting and record keeping, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, and agreements; (2) Establish and maintain effective internal controls to prevent and detect fraud; (3) With respect to State Treasury funds or other public funds, notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving the management or other employees of the Treasurer of State, the State Board of Finance, a bank depository, an investment depository, or a securities broker; (4) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution or applicable statutes, rules, contracts, or agreements; (5) Prepare records and reports in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permit incorporation into the state's financial statements and to permit the audit of the state's financial statements and the records, reports, and financial statements of the Treasurer of State in a timely manner; and (6) Make all financial records and related information available to Arkansas Legislative Audit, including the identification of significant personal or financial relationships between a director, officer, or employee of a bank depository, investment depository, or securities broker and an officer or employee of the Treasurer of State or board.

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