Tax 16.04(1)(b)(b) A schedule of revenues and expenses - all proprietary fund types and similar trust funds. Tax 16.04(1)(c)(c) A schedule of specified receipt, disbursement and other data. Tax 16.04(2)(2) The required schedules shall be prepared on the forms provided by the department and in accordance with instructions issued by the department. Tax 16.04(3)(3) The required schedules shall be filed with the department within the time specified under s. 86.303 (5) (c) or (d), Stats. Information in the schedules shall be complete and accurate. Tax 16.04(4)(4) The expense of preparing the required schedules shall be the obligation of the local government for which the schedules were prepared. Tax 16.04(5)(5) Upon failure, refusal or neglect of any local government to file the required schedules in compliance with the provisions of this chapter, the department may prepare or cause to be prepared the required schedules at the expense of the local government. The department shall notify the local government of the daily charge for preparing the required schedules prior to the commencement of any work. Tax 16.04(6)(6) Receipt of an audited financial report and schedules submitted pursuant to s. Tax 16.05 (4) (e) prior to the due date established by sub. (3) will satisfy the requirements of this section. Tax 16.05Tax 16.05 Audited financial report and schedules. Tax 16.05(1)(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. Tax 16.05(2)(2) The audited financial report shall include the following: Tax 16.05(2)(d)(d) Combining statements by fund type for all fund types for which more than one fund is reported. Tax 16.05(3)(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. Tax 16.05(4)(a)(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. Tax 16.05(4)(b)(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. Tax 16.05(4)(c)(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. Tax 16.05(4)(d)(d) The expense of audits required by par. (a) shall be the obligation of the local government for which the audit is made. Tax 16.05(4)(e)(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. Tax 16.05(5)(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. Tax 16.05 HistoryHistory: Cr. Register, February, 1985, No. 350, eff. 3-1-85. Tax 16.06(1)(1) Compliance with provisions of this chapter will release the unit of local government from any obligation to file the current financial report form authorized under s. 73.10 (2) (a), Stats. Reports prescribed by this chapter should be prepared from accounting records maintained by the local government and should relate directly to those records. Tax 16.06(2)(2) The department shall review schedules and financial reports filed pursuant to this chapter to determine compliance with standards and procedures prescribed by this chapter. Tax 16.06(3)(3) The department may inspect and examine or cause an inspection and examination of the records of local government filing schedules or financial reports under this chapter. Tax 16.06(4)(4) The department may review the auditor’s work-
papers prepared during audits conducted pursuant to this chapter to determine compliance. Tax 16.06 HistoryHistory: Cr. Register, February, 1985, No. 350, eff. 3-1-85. Tax 16.06 NoteNote 1) Copies of the draft schedules required by s. Tax 16.04 (1) may be obtained from: Tax 16.06 NoteWisconsin Department of Revenue
Division of State/Local Finance
P.O. Box 8971
Madison, WI 53708-8971
Tax 16.06 NoteTelephone (608) 264-6892
Tax 16.06 NoteNote 2) Generally accepted accounting principles and generally accepted auditing standards may be examined at the office of the administrator, division of state/local finance, 2nd floor, 125 South Webster Street, Madison. Generally accepted accounting principles may be obtained from:
Tax 16.06 NoteGovernmental Accounting Standards Board
High Ridge Park
P.O. Box 3821
Stamford, CT 06905-0821
Tax 16.06 NoteGenerally accepted auditing standards may be obtained from:
Tax 16.06 NoteAmerican Institute of Certified Public Accountants
1211 Avenue of the Americas
New York, NY 10036
Tax 16.06 NoteNote 3) The financial report referenced in s. Tax 16.05 represents the audited financial statements of local government units commonly referred to as an audit report or a comprehensive annual financial report and may include other statements, schedules and statistical information presented at the discretion of the local governmental unit.
