25.165 Internal auditor. - Wisconsin Statutes

25.165

25.165 Internal auditor.

25.165(1)

(1) There is created in the board an internal audit subunit, under the supervision of the internal auditor. The internal auditor shall report directly to the board and, subject to authorization under s. 16.505, shall appoint all employees necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employees outside the classified service, except blue collar and clerical employees. The internal auditor shall fix the compensation of all employees appointed by the internal auditor, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employees in the classified service but the board may provide for bonus compensation to employees in the unclassified service.

25.165(2)

(2) The internal auditor may review any activity, information or investment of the board and have access to records of the board and any external party under contract with the board and shall do all of the following:

25.165(2)(a)

(a) Plan and conduct audit activities, risk assessments, research projects and management reviews under the direction of the board and in accordance with policies, principles and directives determined by the board.

25.165(2)(b)

(b) Coordinate and assist with external audits and reviews of the board.

25.165(2)(c)

(c) Monitor for compliance with applicable legal requirements and with the board's contractual agreements any bank, savings and loan association, savings bank or credit union with which the board has entered into a custodial agreement under s. 25.17 (11); any investment advisers with which the board has contracted to manage and control board assets under s. 25.18 (2) (e); and any other external parties with which the board has contracted to provide investment services to the board.

25.165 - ANNOT.

History: 1995 a. 274; 1999 a. 9, 83, 186.