Arkansas Code
Subchapter 3 - Board of Commissioners
§ 14-121-311. Records and reports of financial transactions — Penalty

(a) The commission shall also keep the original itemized bills and accounts of all financial transactions and all warrants which have been paid. Each warrant shall state on its face the service for which it was rendered, the person to whom paid, and the amount of the warrant.
(b)
(1) On or before January 1 of each year, the commission shall file with the county clerk a sworn statement of the financial condition of the district, to cover the year ending on November 1 preceding.
(2) The report shall contain, among other things:
(A) A statement of the cash on hand January 1 of the year for which the report is made, together with all other assets of the district;
(B) The total receipts for the preceding year; and
(C) The disbursements for administration, for construction, and for maintenance of bonds redeemed, of interest paid, and of interest due on outstanding bonds, together with all other indebtedness of the district.

(c)
(1) In districts with revenues, from whatever source derived, in excess of five thousand dollars ($5,000) per year, the books, records, and last annual report of the district shall be examined at least one (1) time a year by a certified public accountant.
(2) The accountant shall file a report of the examination with the county court within thirty (30) days after completing the examination.
(3) The accountant shall recommend the form and methods for keeping books and records and for making the reports of the district.
(4) The expense of the examination shall be paid as a part of the district's expenses.

(d) All accounts of this district shall be open for inspection by any person lawfully entitled to inspect them.
(e)
(1) The failure of any of the officials named in this section to perform the duties and acts required herein shall be a misdemeanor, punishable by a fine of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for each offense.
(2) For the making of a false or fraudulent report, the person or persons so making shall be guilty of perjury and punished accordingly.