(b) An open-enrollment public charter school shall prepare an annual certified audit of the financial condition and transactions of the open-enrollment public charter school as of June 30 each year:

1. (1) In accordance with auditing standards generally accepted in the United States and Government Auditing Standards issued by the Comptroller General of the United States; and
2. (2) Containing any other data as determined by the State Board of Education for all public schools.

(c) If the school is an open-enrollment public charter school in its first year of operation, the Legislative Auditor shall prepare the required annual financial audit for the school unless:

1. (1) The open-enrollment public charter school chooses to retain the services of a licensed certified public accountant in public practice in good standing with the Arkansas State Board of Public Accountancy; and
2. (2) The authorizer approves the open-enrollment public charter school’s use of an entity other than the Legislative Auditor to prepare the annual financial audit.

(d) No open-enrollment public charter school shall engage an accountant or accounting firm to conduct any audit if the accountant or accounting firm is listed on any ineligibility list maintained by:

1. (1) The Division of Elementary and Secondary Education; or
2. (2) Arkansas Legislative Audit.