(1)    Power to examine.

      (a)    To inform himself or herself about a matter related to the enforcement of this chapter, the commissioner may examine the affairs and condition of any permittee.

      (b)    So far as reasonably necessary for an examination under par. (a), the commissioner may examine the accounts, records, or documents so far as they relate to the permittee, of any of the following:

         1.    An officer, manager, employee, or person who has executive authority over or is in charge of any segment of the permittee’s affairs.

         2.    A person controlling or having a contract under which the person has the right to control the permittee whether exclusively or with others.

         3.    A person who is under the control of the permittee, or a person who is under the control of a person who controls or has a right to control the permittee whether exclusively or with others.

      (c)    On demand, every permittee shall make available to the commissioner for examination any of its own accounts, records, documents, or evidences of transactions.

      (d)    On order of the commissioner any examinee under this chapter shall bring to the office for examination such records as the order reasonably requires.

   (2)   Audits or actuarial or other evaluations. In lieu of all or part of an examination under sub. (1), or in addition to it, the commissioner may order an independent audit by certified public accountants or an actuarial or other evaluation by actuaries or other experts approved by the commissioner of any permittee. Any accountant, actuary, or other expert selected is subject to rules respecting conflicts of interest promulgated by the commissioner. Any audit or evaluation under this section is subject to s. 648.25, so far as applicable.

   (3)   Alternatives to examination. In lieu of all or part of an examination under this section, the commissioner may accept the report of an audit already made by certified public accountants or of an actuarial or other evaluation already made by actuaries or other experts approved by the commissioner, or the report of an examination made by another government agency in this state, the federal government, or another state.

   (4)   Purpose and scope of examination. An examination may but need not cover comprehensively all aspects of the permittee’s affairs and condition. The commissioner shall determine the exact nature and scope of each examination, and in doing so shall take into account all relevant factors, including the length of time the permittee has been doing business, the length of time the permittee has been certified by the department, the nature of the business being examined, the nature of the accounting records available, and the nature of examinations performed elsewhere.