4. The bill eliminates outdated provisions regarding the regulation of certified
public accountants that no longer apply.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB177, s. 1
1Section
1. 39.75 (7) (d) of the statutes is amended to read:
SB177,4,82
39.75
(7) (d) The commission shall keep accurate accounts of all receipts and
3disbursements. The receipts and disbursements of the commission shall be subject
4to the audit and accounting procedures established by its bylaws. However, all
5receipts and disbursements of funds handled by the commission shall be audited
6yearly by a qualified
certified public accountant
licensed or certified under ch. 442,
7and the report of the audit shall be included in and become part of the annual reports
8of the commission.
SB177, s. 2
9Section
2. 39.80 (5) (c) of the statutes is amended to read:
SB177,4,1610
39.80
(5) (c) The commission shall keep accurate accounts of all receipts and
11disbursements. The receipts and disbursements of the commission shall be subject
12to the audit and accounting procedures established under its bylaws. However, all
13receipts and disbursements of funds handled by the commission shall be audited
14yearly by a certified
or licensed public accountant
licensed or certified under ch. 442 15and the report of the audit shall be included in and become part of the annual report
16of the commission.
SB177, s. 3
17Section
3. 45.353 (3) of the statutes is amended to read:
SB177,5,1718
45.353
(3) Application by any such state veterans organization shall be filed
19annually with the department for the 12-month period commencing on April 1 and
20ending on March 31 of the year in which it is filed. An application shall contain a
1statement of salaries and travel expenses paid to employees engaged in veterans
2claims service maintained at the regional office by such state veterans organization
3covering the period for which application for a grant is made, which statement has
4been certified as correct by
an a certified public accountant
licensed or certified under
5ch. 442 and sworn to as correct by the adjutant or principal officer of the state
6veterans organization. The application shall also contain the state organization's
7financial statement for its last completed fiscal year and such evidence of claims
8service activity as the department requires. Sufficient evidence shall be submitted
9with an initial application to establish that the state veterans organization, or its
10national organization, or both, has maintained a full-time service office at the
11regional office without interruption throughout 5 years out of the 10-year period
12immediately preceding such application. Subsequent applications must be
13accompanied by an affidavit by the adjutant or principal officer of such state veterans
14organization stating that a full-time service office was maintained at the regional
15office by such state veterans organization, or by such state organization and its
16national organization, for the entire 12-month period for which application for a
17grant is made.
SB177, s. 4
18Section
4. 64.12 (4) of the statutes is amended to read:
SB177,5,2419
64.12
(4) At the end of each fiscal year the council shall cause a full and
20complete examination of all the books and accounts of the city to be made by
21competent
certified public accountants
licensed or certified under ch. 442 who shall
22report in full to the council. The summaries of such audits shall be presented and
23furnished to all newspapers and libraries of the city and to such other persons as
24shall apply therefor.
SB177, s. 5
25Section
5. 64.34 (2) of the statutes is amended to read:
SB177,6,5
164.34
(2) At the end of each year the council shall cause a full and complete
2examination of all of the books and accounts of the city to be made by competent
3certified public accountants
licensed or certified under ch. 442, who shall report in
4full thereon to the council. Copies of such reports shall be furnished by the council
5to all newspapers of the city and to all persons who shall apply therefor.
SB177, s. 6
6Section
6. 66.0609 (3) of the statutes is amended to read:
SB177,6,107
66.0609
(3) The ordinance under sub. (1) shall require that the governing body
8of the city or village obtain an annual detailed audit of its financial transactions and
9accounts by a
certified public accountant licensed
or certified under ch. 442 and
10designated by the governing body.
SB177, s. 7
11Section
7. 100.03 (1) (bm) of the statutes is amended to read:
SB177,6,1712
100.03
(1) (bm) "Audited financial statement" means a financial statement
13that, in the accompanying opinion of an independent certified public accountant
or
14a public accountant holding a certificate of authority licensed or certified under ch.
15442, fairly and in all material respects represents the financial position of the
16contractor, the results of the contractor's operations and the contractor's cash flows
17in conformity with generally accepted accounting principles.
SB177, s. 8
18Section
8. 100.03 (1) (ym) 2. of the statutes is amended to read:
SB177,6,2119
100.03
(1) (ym) 2. Reviewed according to generally accepted accounting
20principles by an independent certified public accountant
or a public accountant
21holding a certificate of authority licensed or certified under ch. 442.
SB177, s. 9
22Section
9. 100.06 (1g) (c) of the statutes is amended to read:
SB177,7,923
100.06
(1g) (c) The department shall require the applicant to file a financial
24statement of his or her business operations and financial condition that meets the
25requirements of par. (d). The licensee, during the term of his or her license, may be
1required to file such statements periodically. All such statements shall be
2confidential and shall not be open for public inspection, except that the department
3shall provide the name and address of an individual, the name and address of the
4individual's employer and financial information related to the individual contained
5in such statements if requested under s. 49.22 (2m) by the department of workforce
6development or a county child support agency under s. 59.53 (5). The department
7may require such statements to be certified by a
certified public accountant
licensed
8or certified under ch. 442. Such statements and audits, when made by the
9department, shall be paid for at cost.
SB177, s. 10
10Section
10. 115.817 (5) (b) 1. of the statutes is amended to read:
SB177,7,1311
115.817
(5) (b) 1. At the close of each fiscal year, the board shall employ a
12licensed certified public accountant
licensed or certified under ch. 442 to audit its
13accounts and certify the audit. The cost of the audit shall be paid from board funds.
SB177, s. 11
14Section
11. 120.14 (3) of the statutes is amended to read:
SB177,7,1715
120.14
(3) The annual meeting may authorize and direct an audit of the school
16district accounts by a
licensed certified public accountant
licensed or certified under
17ch. 442.
SB177, s. 12
18Section
12. 120.18 (1) (gm) of the statutes is amended to read:
SB177,8,719
120.18
(1) (gm) Payroll and related benefit costs for all school district
20employees in the previous school year. Costs for represented employees shall be
21based upon the costs of any collective bargaining agreements covering such
22employees for the previous school year. If, as of the time specified by the department
23for filing the report, the school district has not entered into a collective bargaining
24agreement for any portion of the previous school year with the recognized or certified
25representative of any of its employees and the school district and the representative
1have been required to submit final offers under s. 111.70 (4) (cm) 6., increased costs
2limited to the lower of the school district's offer or the representative's offer shall be
3reflected in the report. The school district shall amend the annual report to reflect
4any change in such costs as a result of any award or settlement under s. 111.70 (4)
5(cm) 6. between the date of filing the report and October 1. Any such amendment
6shall be concurred in by the
licensed certified public accountant
licensed or certified
7under ch. 442 certifying the school district audit.
SB177, s. 13
8Section
13. 127.01 (1r) of the statutes is amended to read:
SB177,8,139
127.01
(1r) "Audited financial statement" means a financial statement on
10which an independent certified public accountant
, or an independent public
11accountant holding a certificate of authority licensed or certified under ch. 442
, has
12expressed an opinion according to generally accepted accounting principles and has
13conducted an audit according to generally accepted auditing standards.
SB177, s. 14
14Section
14. 127.01 (25m) (b) of the statutes is amended to read:
SB177,8,1815
127.01
(25m) (b) The financial statement is reviewed according to generally
16accepted accounting principles by an independent certified public accountant
or an
17independent public accountant who holds a certificate of authority
licensed or
18certified under ch. 442.
SB177, s. 15
19Section
15. 127.06 (1) (e) of the statutes is amended to read:
SB177,9,220
127.06
(1) (e) The department may extend the filing deadline under par. (a) 2.
21by up to 30 days in response to a written request from a warehouse keeper or an
22independent certified public accountant
, or an independent public accountant
23holding a certificate of authority licensed or certified under ch. 442
, that is auditing
24or reviewing the financial statement for a warehouse keeper if the department
25receives the request on or before the 5th day of the 4th month beginning after the
1close of the warehouse keeper's fiscal year and if the request states the reason for the
2extension.
SB177, s. 16
3Section
16. 127.06 (1m) (e) of the statutes is amended to read:
SB177,9,104
127.06
(1m) (e) The department may extend the filing deadline under par. (b)
52. by up to 30 days in response to a written request from a grain dealer or an
6independent certified public accountant
, or an independent public accountant who
7holds a certificate of authority licensed or certified under ch. 442
, that is auditing or
8reviewing the financial statement for a grain dealer, if the department receives the
9written request on or before the 5th day of the 4th month beginning after the close
10of the grain dealer's fiscal year and if the request states the reason for the extension.
SB177, s. 17
11Section
17. 148.19 (2) of the statutes is amended to read:
SB177,9,1412
148.19
(2) Legal counsel,
certified public accountants
licensed or certified
13under ch. 442, or other persons as to matters the director or officer believes in good
14faith are within the person's professional or expert competence.
SB177, s. 18
15Section
18. 180.0701 (4) (c) of the statutes is amended to read:
SB177,9,1716
180.0701
(4) (c) Ratification of the selection of independent
certified public
17accountants
licensed or certified under ch. 442.
SB177, s. 19
18Section
19. 180.0826 (2) of the statutes is amended to read:
SB177,9,2119
180.0826
(2) Legal counsel,
certified public accountants
licensed or certified
20under ch. 442, or other persons as to matters that the director or officer believes in
21good faith are within the person's professional or expert competence.
SB177, s. 20
22Section
20. 180.1903 (1) of the statutes is amended to read:
SB177,9,2523
180.1903
(1) One Except as provided in sub. (1m), one or more natural persons
24licensed, certified
, or registered pursuant to any provisions of the statutes, if all have
25the same license, certificate
, or registration or if all are health care professionals,
1may organize and own shares in a service corporation. A service corporation may
2own, operate
, and maintain an establishment and otherwise serve the convenience
3of its shareholders in carrying on the particular profession, calling
, or trade for which
4the licensure, certification
, or registration of its organizers is required.
SB177, s. 21
5Section
21. 180.1903 (1m) of the statutes is created to read:
SB177,10,86
180.1903
(1m) A service corporation for carrying on the profession of certified
7public accounting may be organized under sub. (1) if more than 50% of the
8shareholders are certified public accountants.
SB177, s. 22
9Section
22. 181.0850 (2) of the statutes is amended to read:
SB177,10,1310
181.0850
(2) Professionals and experts. Legal counsel,
certified public
11accountants
licensed or certified under ch. 442, or other persons as to matters the
12director or officer believes in good faith are within the person's professional or expert
13competence.
SB177, s. 23
14Section
23. 181.1620 (2) (intro.) of the statutes is amended to read:
SB177,10,2015
181.1620
(2) (intro.)
Accountant's Certified public accountant's report or
16officer's statement. If annual financial statements are reported upon by a
certified 17public accountant
licensed or certified under ch. 442, the
certified public 18accountant's report must accompany them. If not, the statements must be
19accompanied by a statement of the president or the person responsible for the
20corporation's financial accounting records that includes all of the following:
SB177, s. 24
21Section
24. 185.363 (2) of the statutes is amended to read:
SB177,10,2422
185.363
(2) Legal counsel,
certified public accountants
licensed or certified
23under ch. 442, or other persons as to matters the director or officer believes in good
24faith are within the person's professional or expert competence.
SB177, s. 25
25Section
25. 186.094 (2) of the statutes is amended to read:
SB177,11,3
1186.094
(2) Legal counsel,
certified public accountants
licensed or certified
2under ch. 442, or other persons as to matters the director or officer believes in good
3faith are within the person's professional or expert competence.
SB177, s. 26
4Section
26. 186.15 (1) of the statutes is amended to read:
SB177,11,85
186.15
(1) Annual audit. Except as provided in sub. (2), the board of directors
6shall hire a
licensed certified public accountant
licensed or certified under ch. 442 or
7other qualified person to conduct a comprehensive annual audit of the records,
8accounts and affairs of the credit union.
SB177, s. 27
9Section
27. 187.31 (2) of the statutes is amended to read:
SB177,11,1310
187.31
(2) Legal counsel,
certified public accountants
licensed or certified
11under ch. 442, or other professional persons or experts employed by the incorporated
12Roman Catholic church, as to matters the director or officer believes in good faith are
13within the person's professional or expert competence.
SB177, s. 28
14Section
28. 187.41 (2) of the statutes is amended to read:
SB177,11,1815
187.41
(2) Legal counsel,
certified public accountants
licensed or certified
16under ch. 442, or other professional persons or experts employed by the religious
17organization, as to matters the director or officer believes in good faith are within the
18person's professional or expert competence.
SB177, s. 29
19Section
29. 198.167 of the statutes is amended to read:
SB177,12,14
20198.167 Certified public accountant; annual report. The directors of the
21district shall employ annually the commission or a certified public accountant
22licensed or certified under ch. 442 approved by said commission who shall be
23qualified to, and who shall with all due diligence, examine and report upon the
24system of accounts kept by the district, all the contracts of whatsoever kind made and
25entered into by the board of directors within the year immediately preceding, and the
1properties and investments of the district.
Said The certified public accountant shall
2in the report make such recommendations and suggestions as to the
certified public 3accountant shall seem proper and required for the good of the district, and the
4efficient and economical or advantageous management and operation of the public
5utility or utilities of the district; and the
certified public accountant shall in the
6report make such recommendations and suggestions as to the system of accounts
7kept, or in the
certified public accountant's judgment to be kept, by the district, in
8connection with each public utility, the classification of the public utilities of the
9district and the establishment of a system of accounts for each class, the manner in
10which such accounts shall be kept, the form of accounts, records, and memoranda
11kept or to be kept, including accounts, records, and memoranda of receipts and
12expenditures of money, and depreciation and sinking fund accounts, as in the
13certified public accountant's judgment may be proper and necessary, and shall not
14conflict with the requirements of the commission.
SB177, s. 30
15Section
30. 214.76 (2) and (4) of the statutes are amended to read:
SB177,12,2416
214.76
(2) The
certified public accountant shall deliver the audit report to a
17committee composed of 3 or more members of the board of directors, none of whom
18may be an officer, employee or agent of the savings bank. The committee shall
19present the nature, extent and conclusions of the report at the next meeting of the
20board of directors. A written summary of the committee's presentation, together
21with a copy of the audit report and a list of all criticisms made by the
certified public 22accountant conducting the audit and any response of any member of the board of
23directors or any officer of the savings bank, shall be personally served or sent by
24certified mail to all members of the board of directors.
SB177,13,7
1(4) The audit report filed with the division shall be certified by the
certified
2public accountant conducting the audit. If a savings bank fails to cause an audit to
3be made, the division shall order an audit to be made by an independent certified
4public accountant at the savings bank's expense. Instead of the audit required under
5sub. (1), the division may accept an audit or portion of an audit made exclusively for
6a deposit insurance corporation or for a financial regulator of another state if the
7home office of the savings bank is located in that state.
SB177, s. 31
8Section
31. 215.523 (2) of the statutes is amended to read:
SB177,13,119
215.523
(2) Legal counsel,
certified public accountants
licensed or certified
10under ch. 442, or other persons as to matters the director or officer believes in good
11faith are within the person's professional or expert competence.
SB177, s. 32
12Section
32. 217.08 (2) of the statutes is amended to read:
SB177,14,713
217.08
(2) Annual license fee; additions and deletions of locations. Each
14licensee shall file with the division on or before December 1 of each year a statement
15listing the locations of the offices of the licensee and the names and locations of the
16agents authorized by the licensee. Every licensee shall also on or before December
171 of each year file a financial statement of its assets and liabilities as of a date not
18earlier than the preceding August 31 or, if the licensee is audited annually by an
19independent
certified public accountant
licensed or certified under ch. 442 at the end
20of each fiscal year, the licensee may submit financial statements certified by
said the
21certified public accountant for the licensee's latest fiscal year. Such statement shall
22be accompanied by the annual licensee fee for the calendar year beginning the
23following January 1 in an amount determined under s. 217.05. The amount of the
24surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect
25the number of such locations. Licensees which do not pay the maximum license fee
1under s. 217.05 and which do not maintain a bond or deposit of securities in the
2maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental
3statement setting forth any changes in the list of offices and agents with the division
4on or before April 1, July 1 and October 1 of each year, and the principal sum of the
5corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted
6to reflect any increase or decrease in the number of such locations. Any additional
7license fees which may become due under s. 217.05 shall be paid to the division.
SB177, s. 33
8Section
33. 221.0616 (2) of the statutes is amended to read:
SB177,14,119
221.0616
(2) Experts. Legal counsel,
certified public accountants
licensed or
10certified under ch. 442, or other persons as to matters that the director or officer
11believes in good faith are within the person's professional or expert competence.
SB177, s. 34
12Section
34. 440.05 (intro.) of the statutes is amended to read:
SB177,14,15
13440.05 Standard fees. (intro.) The following standard fees apply to all initial
14credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51,
442.06, 444.03,
15444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:
SB177, s. 35
16Section
35. 440.08 (2) (a) (intro.) of the statutes is amended to read:
SB177,14,1917
440.08
(2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04,
18442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46,
19the renewal dates and renewal fees for credentials are as follows:
SB177, s. 36
20Section
36. 440.08 (2) (a) 2. of the statutes is repealed.
SB177, s. 37
21Section
37. 442.001 of the statutes is renumbered 442.001 (intro.) and
22amended to read:
SB177,14,23
23442.001 Definition Definitions. (intro.) In this chapter
, "examining:
SB177,14,24
24(3) "Examining board" means the accounting examining board.
SB177, s. 38
25Section
38. 442.001 (1) of the statutes is created to read:
SB177,15,1
1442.001
(1) "Attest service" means any of the following:
SB177,15,42
(a) An audit or any other engagement that is performed or intended to be
3performed in accordance with the statements on auditing standards issued by the
4American Institute of Certified Public Accountants.
SB177,15,75
(b) A review of a financial statement that is performed or intended to be
6performed in accordance with the statements on standards for accounting and
7review services issued by the American Institute of Certified Public Accountants.
SB177,15,118
(c) An examination of prospective financial information that is performed or
9intended to be performed in accordance with the statements on standards for
10attestation engagements issued by the American Institute of Certified Public
11Accountants.
SB177, s. 39
12Section
39. 442.001 (2) of the statutes is created to read:
SB177,15,1413
442.001
(2) "Compilation service" means a service that satisfies each of the
14following:
SB177,15,1715
(a) The service is performed or intended to be performed in accordance with the
16statements on standards for accounting and review services issued by the American
17Institute of Certified Public Accountants.
SB177,15,2018
(b) The service consists of presenting, in the form of financial statements,
19information that is the representation of the management of the business that has
20requested the service.
SB177,15,2221
(c) The service is provided without expressing any assurance on the financial
22statements specified in par. (b).