TCS 7.08(3)(a) (a) The scope of the audit.

TCS 7.08(3)(b) (b) An approximate beginning and completion date.

TCS 7.08(3)(c) (c) The number of reports to be delivered, to whom each report should be delivered, and the date that each report shall be delivered. No report shall be delivered later than December 31, following the end of the fiscal year for which the audit is performed.

TCS 7.08(3)(d) (d) The extent to which the certified public accountant is responsible for detecting defalcations and other similar matters, and the responsibility of the district to disclose any such matters to the certified public accountant.

TCS 7.08(3)(e) (e) Terms of compensation, including a provision for possible extended audit procedures not contemplated in the original engagement.

TCS 7.08(4) (4) Conduct of audit. The audit shall be conducted on district premises at a mutually agreeable time, and the district shall provide adequate space to conduct the examination.

TCS 7.08(5) (5) Examination of internal controls. The auditor shall review the adequacy of systems of internal control, including controls over funds from sanctioned district student activities. If material weaknesses are noted, appropriate recommendations shall be reviewed with the appropriate district administrator, and transmitted to the district board by separate management letter or as part of the audit report.

TCS 7.08(6) (6) Preparation of financial statements. The district shall prepare appropriate financial statements for all account groups and fund types in accordance with generally accepted accounting principles.

TCS 7.08(7) (7) Transmittal of audit and management letters.

TCS 7.08(7)(a) (a) Each district board shall transmit to the board a copy of any management letter issued to the district as a result of an audit. Board audit staff, the legislative audit bureau, and such persons as mutually determined by the district board and the certified public accounting firm shall be allowed access to and copies of all working papers of the certified public accounting firm conducting the audit.

TCS 7.08(7)(b) (b) Each district board shall authorize the certified public accountant to communicate directly with the board.

TCS 7.08 History History: Cr. Register, September, 1983, No. 333, eff. 10-1-83.

TCS 7.09 TCS 7.09 Withholding of aids distributed by the board.

TCS 7.09(1) (1) Reporting requirements. Annually, by January 1st, the director shall notify the districts of reports required to be filed with the board during the next fiscal year and the due date for filing each report. The director may extend the due date for filing reports by districts upon good cause.

TCS 7.09(2) (2) Withholding, suspension and reduction of aids. Subject to sub. (3), the director may withhold, suspend or reduce state or federal aid payments distributed by the board for failure of a district to comply with the reporting requirements under sub. (1), for failure to comply with the requirements of this chapter, or as provided under s. 38.28 (2) (d), and (e), Stats. Where a state or federal aid payment or reimbursement has been drawn on the state treasury, but not distributed, the director may redeposit the payment in the treasury.

TCS 7.09(3) (3) Procedure. All actions of the director withholding, suspending or reducing state aids shall be in writing and shall specify the reasons for the action.

TCS 7.09(4) (4) Appeals. Districts may appeal the decision of the director by filing a petition with the board requesting a hearing in accordance with ch. 227, Stats., and ch. TCS 4.

TCS 7.09 History History: Cr. Register, September, 1983, No. 333, eff. 10-1-83; am. (4), Register, September, 1985, No. 357, eff. 10-1-85; correction in (4) made under s. 13.93 (2m) (b) 7., Stats., Register, June, 1994, No. 462.

TCS 7.10 TCS 7.10 Payment of state aids.

TCS 7.10(1) (1) Subject to sub. (2), the board shall pay 15% of the aids due each district each year as computed under s. 38.28, Stats., from the appropriation under s. 20.292 (1) (d), Stats., during each of the months of July, August, September, October, November and June and 5% during each of the months of January and February.

TCS 7.10(2) (2) Payments under sub. (1) shall be adjusted as required under s. 38.28 (2) (b) 4., Stats.

TCS 7.10(3) (3) Payment of state aids may be withheld, suspended or reduced in whole or in part as provided under s. TCS 7.09.

TCS 7.10 History History: Cr. Register, September, 1983, No. 333, eff. 10-1-83; am. (3), Register, September, 1985, No. 357, eff. 10-1-85; correction in (3) made under s. 13.93 (2m) (b) 7., Stats., Register, June, 1994, No. 462.