(a) The internal auditor employed by the Office of the Arkansas Lottery shall report directly to the Director of the Department of Finance and Administration.
(b) The director shall determine the duties and responsibilities of the internal auditor that:
(1) Assist the office in the office's obligations under ยง 23-115-206; and
(2) Are consistent with the suggested standards for the professional practice of internal auditing as adopted by the Institute of Internal Auditors, including without limitation:
(A) Preparing a formal written three-year audit plan and presenting it to the director for the director's approval;
(B) Conducting ongoing reviews of the internal procedures, records, and operating procedures of the office and the lotteries to:
(i) Verify compliance with established policies, procedures, and control systems;
(ii) Assure compliance with regulatory and statutory conditions; and
(iii) Assure adherence to generally accepted accounting principles; and
(C) Advising the director of inconsistencies within or improvements needed to the internal controls, operating procedures, or accounting procedures of the office or the lotteries.
(c) (1) The internal auditor shall report to the Legislative Council one (1) time per month to:
(A) Advise the Legislative Council concerning current issues and problems reported to the director under subsection (b) of this section; and
(B) Update the Legislative Council concerning the resolution of any audit findings of Arkansas Legislative Audit.
(2) The internal auditor is not required to file a report but shall include a statement in the monthly report of the office if:
(A) There are no current issues or problems reported to the office; and
(B) The office and Arkansas Legislative Audit agree that all audit findings are resolved.
Section: Previous 23-115-204 23-115-205 23-115-206 23-115-207 23-115-208 23-115-209 23-115-211 23-115-212Last modified: November 15, 2016