215.25 Audit requirements. - Wisconsin Statutes

215.25

215.25 Audit requirements. Each association shall be audited at least once in each fiscal year by auditors and in a manner satisfactory to the division in accordance with the policies established by the division. The auditors are to be designated by the board of directors and must be independent, certified public accountants certified in this state. In lieu of audits by independent, certified public accountants, the board of directors may request an audit of the books and accounts to be made by the division to check the assets of the association and to determine losses, which request the division may refuse. The division may at any time make or cause to be made an audit of any association, with appraisals, when deemed advisable. Associations shall promptly file with the division a copy of the report of each audit, other than audits made by the division. The cost of any audit made pursuant to this section shall be paid by the association audited.

215.25 - ANNOT.

History: 1973 c. 205; 1983 a. 167; 1995 a. 27.