§ 15-3-116 - Deposit of moneys -- Audit. - Arkansas Statutes

15-3-116. Deposit of moneys -- Audit.

(a) All moneys coming into the hands of the Arkansas Science and Technology Authority shall be deposited in one (1) or more financial institutions selected by the authority and authorized to do business in this state.

(b) Moneys received by the authority from appropriations of the General Assembly shall be deposited, administered, and accounted for in such manner as the General Assembly may provide.

(c) The authority shall provide for an audit to be performed and accepted by a certified public accountant or firm within sixty (60) days following the conclusion of each fiscal year of the authority, and shall file copies thereof with the Legislative Joint Auditing Committee.

(d) The committee may accept such audit report or direct an audit of the financial record of the authority by the staff of the committee.