(a) The Department of Education shall maintain a list of accountants or accounting firms ineligible to conduct school district audits. Accountants or accounting firms placed on the ineligibility list by the department shall be ineligible to conduct school audits for a period determined by the department but which shall not exceed a five-year period from the end of the fiscal year for which the audit report was contracted to be prepared.
(b) Before entering into contracts for audit services, school districts shall inquire with the department which accountants are ineligible to conduct public school audits.
(c) The department may place accountants or accounting firms on the ineligibility list for any of the following reasons:
(1) If, in the opinion of the department or the Legislative Joint Auditing Committee, a school district audit report is not filed within the nine-month time period or within the time period under any extension granted by the department with the department and the Division of Legislative Audit as required by § 6-20-1801 because of neglect or fault of the certified public accountant or accounting firm;
(2) If the Quality Review Committee of the Arkansas State Board of Public Accountancy reports to the department and the Legislative Joint Auditing Committee that a school district audit report shows evidence of lack of general conformity with applicable professional standards or state laws and regulations or evidence that the report is substandard or seriously questionable; or
(3) Any other compelling reason that the department believes justifies placing the accountant or accounting firm on the ineligibility list.
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