PI 48.12(1)(e)1.1. Comply with s. Accy 1.201 (1) (e) regarding forecasts.
PI 48.12(1)(e)2.2. Identify that such assistance was provided, if required by the department.
PI 48.12(2)(2)Inquiries. An auditor shall promptly respond to inquiries or requests made by the department. The auditor shall notify the school of any inquiries or requests made by the department and the auditor’s response.
PI 48.12(3)(3)Working papers retention. An auditor shall retain working papers relating to the enrollment audits under s. PI 48.07, the audit required under ss. PI 48.09 and 48.10, and the report on fiscal and internal control practices under s. PI 48.13 for at least 5 years from the due date of the financial audit, unless the department or a law enforcement agency requests the auditor to retain working papers for more than 5 years.
PI 48.12(4)(4)Working papers review. An auditor shall permit the department to review audit working papers prepared in support of the enrollment audits under s. PI 48.07, the audit required under ss. PI 48.09 and 48.10, and the report on fiscal and internal control practices under s. PI 48.13. The auditor shall promptly provide copies of working papers the department requests.
PI 48.12(5)(5)Auditor peer review report. An auditor completing any of the audits and agreed upon procedure reports under s. 118.60, Stats., or this chapter shall file the auditor’s peer review required under s. 442.087, Stats., with the department within 30 days of the report’s issuance.
PI 48.12(6)(6)License requirements.
PI 48.12(6)(a)(a) The auditing firm that is engaged by a school to complete the audits and agreed upon procedure reports under this chapter or s. 118.60, Stats., shall be licensed as a certified public accounting firm by the accounting examining board under ch. 442, Stats.
PI 48.12(6)(b)(b) The individual auditor who signs the engagement letter for the audits and agreed upon procedure reports under this chapter or s. 118.60, Stats., shall be a licensed certified public accountant by the accounting examining board under ch. 442, Stats.
PI 48.12(7)(7)Auditor bar.
PI 48.12(7)(a)(a) The department may bar an auditor who fails to timely and properly fulfill the auditing and reporting requirements of this chapter or s. 118.60, Stats.
PI 48.12(7)(b)(b) An auditor who is barred under par. (a) shall not complete accounting, auditing, or other reporting requirements for any school participating in a program under ss. 115.7915, 118.60, and 119.23, Stats., until such time as the auditor submits to the department evidence acceptable to the department that the auditor has made procedural changes to the manner in which the auditor conducts an audit and has successfully completed professional development training that will enable the auditor to comply with the requirements of this chapter, chs. PI 35 and 49, and ss. 115.7915, 118.60, and 119.23, Stats.
PI 48.12 HistoryHistory: EmR1608: emerg. cr. eff. 1-30-16; CR 16-006: cr. Register July 2016 No. 727, eff. 8-1-16; correction in (3), (4), (7) (b) made under s. 35.17, Stats., Register July 2016 No. 727; CR 19-121: am. (5) Register May 2020 No. 773, eff. 6-1-20.
PI 48.13PI 48.13Fiscal and internal control practices.
PI 48.13(1)(1)Financial accounting system. A school participating in the choice program shall use a double entry financial accounting system organized in a manner that enables preparation of the audit under ss. PI 48.09 and 48.10 and contains any other information necessary to fiscally manage the school. The accounting system shall identify all sources of funding a school uses in the school’s operation. The accounting system shall identify all of the following if the school receives revenue from the specified source:
PI 48.13(1)(a)(a) Revenue from pupils participating in the choice program.
PI 48.13(1)(b)(b) Revenue from parents or other privately paid tuition pupils.
PI 48.13(1)(c)(c) Revenue from the school district in which the school is located for instruction of pupils enrolled in the school.
PI 48.13(1)(d)(d) Revenue from the school district in which the school is located for transportation of the school’s pupils.
PI 48.13(1)(e)(e) Revenue from federal, state, and local governments.
PI 48.13(2)(2)School budget. A school shall complete all of the following:
PI 48.13(2)(a)(a) Annually by June 30, a budget for the following school year that contains all of the following:
PI 48.13(2)(a)1.1. Anticipated enrollments for all pupils enrolled in the school.
PI 48.13(2)(a)2.2. Anticipated enrollments for choice program pupils.
PI 48.13(2)(a)3.3. Estimated total revenues and costs.
PI 48.13(2)(a)4.4. Estimated amounts required under s. PI 48.10 (3) (a).
PI 48.13(2)(a)5.5. A schedule of anticipated beginning and ending net assets.
PI 48.13(2)(a)6.6. Identification of the contingent funding sources the school will use should actual enrollments be less than expected.
PI 48.13(2)(a)7.7. Anticipated beginning and ending reserve balance.