(a) The best financial management practices adopted by the State Board of Education may be updated periodically after consultation with:
- (1) The Governor;
- (2) The Legislative Council;
- (3) School districts;
- (4) Arkansas Legislative Audit and the Legislative Joint Auditing Committee; and
- (5) The Department of Education.
- (b) The department shall submit proposed revisions to the state board for review.
- (c) The state board may adopt, revise, or reject the proposed revisions to the best financial management practices.
- (d) Revised best financial management practices adopted by the state board shall be used in the next scheduled school district reviews conducted.