(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 board, 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.
Section: Previous 19-3-502 19-3-503 19-3-504 19-3-505 19-3-506 19-3-507 19-3-508 19-3-509 19-3-510 19-3-511 19-3-512 19-3-513 19-3-514 19-3-515 NextLast modified: November 15, 2016