Wisconsin Statutes 214.76 – Annual audit requirement
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Terms Used In Wisconsin Statutes 214.76
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
(1) Except as provided in sub. (2), the board of directors of a savings bank 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 savings bank.
(2) The board of directors of a savings bank may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the savings bank and to verify customer accounts. Verification procedures shall be conducted according to the savings bank’s auditing program or the rules of the division.
(3) Audit reports under this section shall be submitted to the savings bank’s board of directors and retained as records of the savings bank.