Section 16.05. Audited financial report and schedules.

 

(1)  The governing body of each local government subject to this chapter shall provide for and cause to be prepared an audited financial report of the financial status and activities of all funds of the local government and the schedules enumerated in s. Tax 16.04 (1) accompanied by an auditor's report.

(2)  The audited financial report shall include the following:

(a) Table of contents.

(b) Auditor's report.

(c) The general purpose financial statements.

(d) Combining statements by fund type for all fund types for which more than one fund is reported.

(3)  Schedules enumerated in s. Tax 16.04 (1) shall be accompanied by an auditor's report on the supplemental information contained in those schedules. Certain amounts shown on the schedules enumerated in s. Tax 16.04 (1) shall agree with or be reconciled to certain amounts reported in the general purpose financial statements, sub. (2) (c) in accordance with instructions issued by the department.

(4)  

(a) The governing body of each local government subject to this chapter shall provide for and cause to be conducted an annual audit of all the funds and account groups of the local government.

(b) The annual audit shall be conducted in accordance with generally accepted auditing standards by either a certified public accountant licensed to practice in the state of Wisconsin; or by a licensed public accountant, licensed on or before December 31, 1970 by the Wisconsin accounting examining board.

(c) The auditor's report in the financial report required by sub. (2) shall contain an unqualified opinion with respect to the combined financial statements taken as a whole, or if an unqualified opinion cannot be expressed, a qualified opinion, adverse opinion or a disclaimer of opinion together with an explanation of the reasons therefore. The auditor's report accompanying the schedules required by sub. (3) shall contain an opinion as to whether the supplemental information submitted as schedules is fairly stated in all material respects in relation to the financial report's combined financial statements taken as a whole. The auditor's opinion, unqualified, qualified, adverse or a disclaimer, with respect to the supplemental information in the schedule shall be at least the equivalent of the auditor's opinion with respect to the combined financial statements in the financial report.

(d) The expense of audits required by par. (a) shall be the obligation of the local government for which the audit is made.

(e) The local government shall submit together one copy of its audited financial report and schedules to the department within 30 days after its completion, but not later than July 31 of the year following the year for which the report and schedules were prepared.

(5)  Upon failure, refusal or neglect of any local government to file the required financial report and schedules in compliance with the provisions of this chapter, the department may prepare or cause to be prepared the required financial report and schedules at the expense of the local government. The department shall notify the local government of the daily charge for preparing the required financial report and schedules prior to the commencement of any work.

History: Cr. Register, February, 1985, No. 350 , eff. 3-1-85.