AB345: Bill Text

AB345, s. 1 Section 1. 39.75 (7) (d) of the statutes is amended to read:

AB345,4,8 39.75 (7) (d) The commission shall keep accurate accounts of all receipts and disbursements. The receipts and disbursements of the commission shall be subject to the audit and accounting procedures established by its bylaws. However, all receipts and disbursements of funds handled by the commission shall be audited yearly by a qualified certified public accountant licensed or certified under ch. 442, and the report of the audit shall be included in and become part of the annual reports of the commission.

AB345, s. 2 Section 2. 39.80 (5) (c) of the statutes is amended to read:

AB345,4,16 39.80 (5) (c) The commission shall keep accurate accounts of all receipts and disbursements. The receipts and disbursements of the commission shall be subject to the audit and accounting procedures established under its bylaws. However, all receipts and disbursements of funds handled by the commission shall be audited yearly by a certified or licensed public accountant licensed or certified under ch. 442 and the report of the audit shall be included in and become part of the annual report of the commission.

AB345, s. 3 Section 3. 45.353 (3) of the statutes is amended to read:

AB345,5,17 45.353 (3) Application by any such state veterans organization shall be filed annually with the department for the 12-month period commencing on April 1 and ending on March 31 of the year in which it is filed. An application shall contain a statement of salaries and travel expenses paid to employees engaged in veterans claims service maintained at the regional office by such state veterans organization covering the period for which application for a grant is made, which statement has been certified as correct by an a certified public accountant licensed or certified under ch. 442 and sworn to as correct by the adjutant or principal officer of the state veterans organization. The application shall also contain the state organization's financial statement for its last completed fiscal year and such evidence of claims service activity as the department requires. Sufficient evidence shall be submitted with an initial application to establish that the state veterans organization, or its national organization, or both, has maintained a full-time service office at the regional office without interruption throughout 5 years out of the 10-year period immediately preceding such application. Subsequent applications must be accompanied by an affidavit by the adjutant or principal officer of such state veterans organization stating that a full-time service office was maintained at the regional office by such state veterans organization, or by such state organization and its national organization, for the entire 12-month period for which application for a grant is made.

AB345, s. 4 Section 4. 64.12 (4) of the statutes is amended to read:

AB345,5,24 64.12 (4) At the end of each fiscal year the council shall cause a full and complete examination of all the books and accounts of the city to be made by competent certified public accountants licensed or certified under ch. 442 who shall report in full to the council. The summaries of such audits shall be presented and furnished to all newspapers and libraries of the city and to such other persons as shall apply therefor.

AB345, s. 5 Section 5. 64.34 (2) of the statutes is amended to read:

AB345,6,5 64.34 (2) At the end of each year the council shall cause a full and complete examination of all of the books and accounts of the city to be made by competent certified public accountants licensed or certified under ch. 442, who shall report in full thereon to the council. Copies of such reports shall be furnished by the council to all newspapers of the city and to all persons who shall apply therefor.

AB345, s. 6 Section 6. 66.0609 (3) of the statutes is amended to read:

AB345,6,10 66.0609 (3) The ordinance under sub. (1) shall require that the governing body of the city or village obtain an annual detailed audit of its financial transactions and accounts by a certified public accountant licensed or certified under ch. 442 and designated by the governing body.

AB345, s. 7 Section 7. 100.03 (1) (bm) of the statutes is amended to read:

AB345,6,17 100.03 (1) (bm) "Audited financial statement" means a financial statement that, in the accompanying opinion of an independent certified public accountant or a public accountant holding a certificate of authority licensed or certified under ch. 442, fairly and in all material respects represents the financial position of the contractor, the results of the contractor's operations and the contractor's cash flows in conformity with generally accepted accounting principles.

AB345, s. 8 Section 8. 100.03 (1) (ym) 2. of the statutes is amended to read:

AB345,6,21 100.03 (1) (ym) 2. Reviewed according to generally accepted accounting principles by an independent certified public accountant or a public accountant holding a certificate of authority licensed or certified under ch. 442.

AB345, s. 9 Section 9. 100.06 (1g) (c) of the statutes is amended to read:

AB345,7,9 100.06 (1g) (c) The department shall require the applicant to file a financial statement of his or her business operations and financial condition that meets the requirements of par. (d). The licensee, during the term of his or her license, may be required to file such statements periodically. All such statements shall be confidential and shall not be open for public inspection, except that the department shall provide the name and address of an individual, the name and address of the individual's employer and financial information related to the individual contained in such statements if requested under s. 49.22 (2m) by the department of workforce development or a county child support agency under s. 59.53 (5). The department may require such statements to be certified by a certified public accountant licensed or certified under ch. 442. Such statements and audits, when made by the department, shall be paid for at cost.

AB345, s. 10 Section 10. 115.817 (5) (b) 1. of the statutes is amended to read:

AB345,7,13 115.817 (5) (b) 1. At the close of each fiscal year, the board shall employ a licensed certified public accountant licensed or certified under ch. 442 to audit its accounts and certify the audit. The cost of the audit shall be paid from board funds.

AB345, s. 11 Section 11. 120.14 (3) of the statutes is amended to read:

AB345,7,17 120.14 (3) The annual meeting may authorize and direct an audit of the school district accounts by a licensed certified public accountant licensed or certified under ch. 442.

AB345, s. 12 Section 12. 120.18 (1) (gm) of the statutes is amended to read:

AB345,8,7 120.18 (1) (gm) Payroll and related benefit costs for all school district employees in the previous school year. Costs for represented employees shall be based upon the costs of any collective bargaining agreements covering such employees for the previous school year. If, as of the time specified by the department for filing the report, the school district has not entered into a collective bargaining agreement for any portion of the previous school year with the recognized or certified representative of any of its employees and the school district and the representative have been required to submit final offers under s. 111.70 (4) (cm) 6., increased costs limited to the lower of the school district's offer or the representative's offer shall be reflected in the report. The school district shall amend the annual report to reflect any change in such costs as a result of any award or settlement under s. 111.70 (4) (cm) 6. between the date of filing the report and October 1. Any such amendment shall be concurred in by the licensed certified public accountant licensed or certified under ch. 442 certifying the school district audit.

AB345, s. 13 Section 13. 127.01 (1r) of the statutes is amended to read:

AB345,8,13 127.01 (1r) "Audited financial statement" means a financial statement on which an independent certified public accountant, or an independent public accountant holding a certificate of authority licensed or certified under ch. 442, has expressed an opinion according to generally accepted accounting principles and has conducted an audit according to generally accepted auditing standards.

AB345, s. 14 Section 14. 127.01 (25m) (b) of the statutes is amended to read:

AB345,8,18 127.01 (25m) (b) The financial statement is reviewed according to generally accepted accounting principles by an independent certified public accountant or an independent public accountant who holds a certificate of authority licensed or certified under ch. 442.

AB345, s. 15 Section 15. 127.06 (1) (e) of the statutes is amended to read:

AB345,9,2 127.06 (1) (e) The department may extend the filing deadline under par. (a) 2. by up to 30 days in response to a written request from a warehouse keeper or an independent certified public accountant, or an independent public accountant holding a certificate of authority licensed or certified under ch. 442, that is auditing or reviewing the financial statement for a warehouse keeper if the department receives the request on or before the 5th day of the 4th month beginning after the close of the warehouse keeper's fiscal year and if the request states the reason for the extension.

AB345, s. 16 Section 16. 127.06 (1m) (e) of the statutes is amended to read:

AB345,9,10 127.06 (1m) (e) The department may extend the filing deadline under par. (b) 2. by up to 30 days in response to a written request from a grain dealer or an independent certified public accountant, or an independent public accountant who holds a certificate of authority licensed or certified under ch. 442, that is auditing or reviewing the financial statement for a grain dealer, if the department receives the written request on or before the 5th day of the 4th month beginning after the close of the grain dealer's fiscal year and if the request states the reason for the extension.

AB345, s. 17 Section 17. 148.19 (2) of the statutes is amended to read:

AB345,9,14 148.19 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 18 Section 18. 180.0701 (4) (c) of the statutes is amended to read:

AB345,9,17 180.0701 (4) (c) Ratification of the selection of independent certified public accountants licensed or certified under ch. 442.

AB345, s. 19 Section 19. 180.0826 (2) of the statutes is amended to read:

AB345,9,21 180.0826 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters that the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 20 Section 20. 180.1903 (1) of the statutes is amended to read:

AB345,9,25 180.1903 (1) One Except as provided in sub. (1m), one or more natural persons licensed, certified, or registered pursuant to any provisions of the statutes, if all have the same license, certificate, or registration or if all are health care professionals, may organize and own shares in a service corporation. A service corporation may own, operate, and maintain an establishment and otherwise serve the convenience of its shareholders in carrying on the particular profession, calling , or trade for which the licensure, certification, or registration of its organizers is required.

AB345, s. 21 Section 21. 180.1903 (1m) of the statutes is created to read:

AB345,10,8 180.1903 (1m) A service corporation for carrying on the profession of certified public accounting may be organized under sub. (1) if more than 50% of the shareholders are certified public accountants.

AB345, s. 22 Section 22. 181.0850 (2) of the statutes is amended to read:

AB345,10,13 181.0850 (2) Professionals and experts. Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 23 Section 23. 181.1620 (2) (intro.) of the statutes is amended to read:

AB345,10,20 181.1620 (2) (intro.) Accountant's Certified public accountant's report or officer's statement. If annual financial statements are reported upon by a certified public accountant licensed or certified under ch. 442, the certified public accountant's report must accompany them. If not, the statements must be accompanied by a statement of the president or the person responsible for the corporation's financial accounting records that includes all of the following:

AB345, s. 24 Section 24. 185.363 (2) of the statutes is amended to read:

AB345,10,24 185.363 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 25 Section 25. 186.094 (2) of the statutes is amended to read:

AB345,11,3 186.094 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 26 Section 26. 186.15 (1) of the statutes is amended to read:

AB345,11,8 186.15 (1) Annual audit. Except as provided in sub. (2), the board of directors shall hire a licensed 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 credit union.

AB345, s. 27 Section 27. 187.31 (2) of the statutes is amended to read:

AB345,11,13 187.31 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other professional persons or experts employed by the incorporated Roman Catholic church, as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 28 Section 28. 187.41 (2) of the statutes is amended to read:

AB345,11,18 187.41 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other professional persons or experts employed by the religious organization, as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 29 Section 29. 198.167 of the statutes is amended to read:

AB345,12,14 198.167 Certified public accountant; annual report. The directors of the district shall employ annually the commission or a certified public accountant licensed or certified under ch. 442 approved by said commission who shall be qualified to, and who shall with all due diligence, examine and report upon the system of accounts kept by the district, all the contracts of whatsoever kind made and entered into by the board of directors within the year immediately preceding, and the properties and investments of the district. Said The certified public accountant shall in the report make such recommendations and suggestions as to the certified public accountant shall seem proper and required for the good of the district, and the efficient and economical or advantageous management and operation of the public utility or utilities of the district; and the certified public accountant shall in the report make such recommendations and suggestions as to the system of accounts kept, or in the certified public accountant's judgment to be kept, by the district, in connection with each public utility, the classification of the public utilities of the district and the establishment of a system of accounts for each class, the manner in which such accounts shall be kept, the form of accounts, records, and memoranda kept or to be kept, including accounts, records, and memoranda of receipts and expenditures of money, and depreciation and sinking fund accounts, as in the certified public accountant's judgment may be proper and necessary, and shall not conflict with the requirements of the commission.

AB345, s. 30 Section 30. 214.76 (2) and (4) of the statutes are amended to read:

AB345,12,24 214.76 (2) The certified public accountant shall deliver the audit report to a committee composed of 3 or more members of the board of directors, none of whom may be an officer, employee or agent of the savings bank. The committee shall present the nature, extent and conclusions of the report at the next meeting of the board of directors. A written summary of the committee's presentation, together with a copy of the audit report and a list of all criticisms made by the certified public accountant conducting the audit and any response of any member of the board of directors or any officer of the savings bank, shall be personally served or sent by certified mail to all members of the board of directors.

AB345,13,7 (4) The audit report filed with the division shall be certified by the certified public accountant conducting the audit. If a savings bank fails to cause an audit to be made, the division shall order an audit to be made by an independent certified public accountant at the savings bank's expense. Instead of the audit required under sub. (1), the division may accept an audit or portion of an audit made exclusively for a deposit insurance corporation or for a financial regulator of another state if the home office of the savings bank is located in that state.

AB345, s. 31 Section 31. 215.523 (2) of the statutes is amended to read:

AB345,13,11 215.523 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 32 Section 32. 217.08 (2) of the statutes is amended to read:

AB345,14,7 217.08 (2) Annual license fee; additions and deletions of locations. Each licensee shall file with the division on or before December 1 of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents authorized by the licensee. Every licensee shall also on or before December 1 of each year file a financial statement of its assets and liabilities as of a date not earlier than the preceding August 31 or, if the licensee is audited annually by an independent certified public accountant licensed or certified under ch. 442 at the end of each fiscal year, the licensee may submit financial statements certified by said the certified public accountant for the licensee's latest fiscal year. Such statement shall be accompanied by the annual licensee fee for the calendar year beginning the following January 1 in an amount determined under s. 217.05. The amount of the surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect the number of such locations. Licensees which do not pay the maximum license fee under s. 217.05 and which do not maintain a bond or deposit of securities in the maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental statement setting forth any changes in the list of offices and agents with the division on or before April 1, July 1 and October 1 of each year, and the principal sum of the corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase or decrease in the number of such locations. Any additional license fees which may become due under s. 217.05 shall be paid to the division.

AB345, s. 33 Section 33. 221.0616 (2) of the statutes is amended to read:

AB345,14,11 221.0616 (2) Experts. Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters that the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 34 Section 34. 440.05 (intro.) of the statutes is amended to read:

AB345,14,15 440.05 Standard fees. (intro.) The following standard fees apply to all initial credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51, 442.06, 444.03, 444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:

AB345, s. 35 Section 35. 440.08 (2) (a) (intro.) of the statutes is amended to read:

AB345,14,19 440.08 (2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04, 442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46, the renewal dates and renewal fees for credentials are as follows:

AB345, s. 36 Section 36. 440.08 (2) (a) 2. of the statutes is repealed.

AB345, s. 37 Section 37. 442.001 of the statutes is renumbered 442.001 (intro.) and amended to read:

AB345,14,23 442.001 Definition Definitions. (intro.) In this chapter, "examining:

AB345,14,24 (3) "Examining board" means the accounting examining board.

AB345, s. 38 Section 38. 442.001 (1) of the statutes is created to read:

AB345,15,1 442.001 (1) "Attest service" means any of the following:

AB345,15,4 (a) An audit or any other engagement that is performed or intended to be performed in accordance with the statements on auditing standards issued by the American Institute of Certified Public Accountants.

AB345,15,7 (b) A review of a financial statement that is performed or intended to be performed in accordance with the statements on standards for accounting and review services issued by the American Institute of Certified Public Accountants.

AB345,15,11 (c) An examination of prospective financial information that is performed or intended to be performed in accordance with the statements on standards for attestation engagements issued by the American Institute of Certified Public Accountants.

AB345, s. 39 Section 39. 442.001 (2) of the statutes is created to read:

AB345,15,14 442.001 (2) "Compilation service" means a service that satisfies each of the following:

AB345,15,17 (a) The service is performed or intended to be performed in accordance with the statements on standards for accounting and review services issued by the American Institute of Certified Public Accountants.

AB345,15,20 (b) The service consists of presenting, in the form of financial statements, information that is the representation of the management of the business that has requested the service.

AB345,15,22 (c) The service is provided without expressing any assurance on the financial statements specified in par. (b).

AB345, s. 40 Section 40. 442.001 (4) of the statutes is created to read:

AB345,15,25 442.001 (4) "Firm" means a proprietorship, partnership, limited liability partnership, corporation, service corporation, or limited liability company.

AB345, s. 41 Section 41. 442.001 (5) of the statutes is created to read:

AB345,16,3 442.001 (5) "Member of a firm" means a director, manager, employee, officer, owner, shareholder, principal, or partner of a firm.