PI 49.09(6)(6) Refund of the reserve. If a school ceases to participate or is barred from participating in the special needs scholarship program under s. 115.7915, Stats., and the school’s reserve is positive, the school shall refund the reserve balance to the department as specified under s. PI 49.13 (6).

PI 49.09 HistoryHistory: EmR1619: emerg. cr., eff. 6-2-16; CR 16-005: cr., Register October 2016 No. 730, eff. 11-1-16; correction in (4) made under s. 35.17, Stats., Register October 2016 No. 730; EmR1630: emerg. renum. (3) (a) 3. to (3) (a) 3. (intro.) and am., cr. (3) (a) 3. a., b., renum. (3) (b) 3. to (3) (b) 3. (intro.) and am., cr. (3) (b) 3. a., b., am. (5) (title), renum. (5) to (5) (a), (b), eff. 11-1-16; CR 16-066: renum. (3) (a) 3. to (3) (a) 3. (intro.) and am., cr. (3) (a) 3. a., b., renum. (3) (b) 3. to (3) (b) 3. (intro.) and am., cr. (3) (b) 3. a., b., am. (5) (title), renum. (5) to (5) (a), (b) Register April 2017 No. 736, eff. 5-1-17; EmR1815: emerg. am. (1) (e) 1., (3) (d) 1., (e) 1., (4), eff 7-1-18; EmR1911: emerg. renum. (1) (b) to (1) (b) (intro.) and am., cr. (1) (b) 2., am. (1) (e) 1., (2), (3) (a) (intro.), 1., 2., 3. b., 4., (b) 1., 2., 3. b., (c) 1., 3., cr. (3) (c) 4., am. (3) (d) 1., (e) 1., (4), renum. (5) (a) to (5) (a) (intro.) and am., cr. (5) (a) 1. to 3., am. (6), eff. 7-1-19; CR 19-095: renum. (1) (b) to (1) (b) (intro.) and am., cr. (1) (b) 2., am. (1) (e) 1., (2), (3) (a) (intro.), 1., 2., 3. b., 4., (b) 1., 2., 3. b., (c) 1., 3., cr. (3) (c) 4., am. (3) (d) 1., (e) 1., (4), renum. (5) (a) to (5) (a) (intro.) and am., cr. (5) (a) 1. to 3., am. (6) Register March 2020 No. 771, eff. 4-1-20; EmR2117: emerg. cr. (3m), eff. 6-12-21; CR 21-046: cr. (3m) Register February 2022 No. 794, eff. 3-1-22.

PI 49.10(1)(1) Engagement letter. A school shall have a written engagement letter with each auditor providing services required by this chapter. The school or auditor shall provide a copy of the engagement letter to the department upon request. The written engagement letter shall contain all of the following:

PI 49.10(2)(2) Financial accounting system. A school shall use a double entry financial accounting system organized in a manner that enables preparation of the financial audit and financial audit supplemental schedule. A school shall balance the financial accounting system and provide the auditor with a trial balance of the account balances.

PI 49.10(4)(4) Records retention. A school shall retain all financial and pupil records relating to the enrollment audits under s. PI 49.07 and the audit required under ss. PI 49.08 and PI 49.09 for at least 5 years from the due date of the financial audit for each school year, unless the department or a law enforcement agency requests that the school retain the records for more than 5 years.

PI 49.10(5)(5) Records availability. A school shall furnish all financial and pupil records the auditor considers necessary to provide the audit opinion or agreed upon procedure reports. Upon request by the department, a school shall provide the department access and copies to the records referenced in the auditor’s working papers.

PI 49.10(7)(7) Auditor bar. A school participating in the special needs scholarship program may not engage an auditor who the department bars under s. PI 35.12 (7), PI 48.12 (7), or PI 49.11 (7) until such time as the auditor provides evidence acceptable to the department that the auditor has made procedural changes and has successfully completed professional development training that enables the auditor to comply with the requirements of this chapter, chs. PI 35 and 48, and ss. 115.7915, 118.60, and 119.23, Stats.

PI 49.10 HistoryHistory: EmR1619: emerg. cr., eff. 6-2-16; CR 16-005: cr., Register October 2016 No. 730, eff. 11-1-16; correction in (7) made under s. 35.17, Stats., Register October 2016 No. 730; EmR1815: emerg. am. (6), eff 7-1-18; EmR1911: emerg. am. (6), eff. 7-1-19; CR 19-095: am. (6) Register March 2020 No. 771, eff. 4-1-20.

PI 49.11(1)(c)(c) Except as provided in par. (d), an auditor may not post or prepare for posting typical reoccurring financial transactions to the school’s general ledger, including cash receipts and disbursements, invoices or billings for services, billings from vendors and suppliers, and payroll activity.

PI 49.11(1)(d)(d) An auditor shall obtain written approval of the school’s management prior to posting adjusting, correcting, and closing journal entries to the school’s general ledger. An auditor’s working papers shall document evidence of management approval for all such entries resulting from a financial statement compilation, review, or audit.