Wis. Stat. § 215.25
Annual audit requirement
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2011
As of January 1, 2003
Each association shall be audited at least once in each fiscal year by auditors and in a manner satisfactory to the division in accordance with the policies established by the division. The auditors are to be designated by the board of directors and must be independent, certified public accountants certified in this state. In lieu of audits by independent, certified public accountants, the board of directors may request an audit of the books and accounts to be made by the division to check the assets of the association and to determine losses, which request the division may refuse. The division may at any time make or cause to be made an audit of any association, with appraisals, when deemed advisable. Associations shall promptly file with the division a copy of the report of each audit, other than audits made by the division. The cost of any audit made pursuant to this section shall be paid by the association audited.
(1) Except as provided in sub. (2) , the board of directors of an association shall hire a certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts, and affairs of the association.
(2) The board of directors of an association may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the association and to verify customer accounts. Verification procedures shall be conducted according to the association's auditing program or the rules of the division.
(3) Audit reports under this section shall be submitted to the association's board of directors and retained as records of the association.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.