PI 48.11(1)(a)(a) A statement that the auditor shall comply with generally accepted auditing standards and the requirements of this chapter. PI 48.11(1)(b)(b) A statement that the auditor shall comply with generally accepted governmental auditing standards if other governmental agencies providing funds to the school so require. PI 48.11(1)(c)(c) The responsibilities of the school and the auditor in meeting the requirements of this chapter. PI 48.11(1)(d)(d) The services the auditor provides to the school that are in addition to those audit and attestation services required under this chapter. PI 48.11(1)(e)(e) The auditor’s acknowledgement that the department will rely on the auditor’s work to fulfill the department’s responsibilities under s. 118.60, Stats., and this chapter. PI 48.11(1)(f)(f) The auditor’s compensation for the services the auditor provides to the school. PI 48.11(2)(2) Financial accounting system. A school shall balance the financial accounting system required under s. PI 48.13 (1) and provide the auditor with a trial balance of the account balances. PI 48.11(3)(3) Adjusting entries. Adjustments to the school’s trial balance recommended by a school’s auditor shall be approved by the school before the entries are recorded in the school’s financial accounting system. PI 48.11(4)(4) Records retention. A school shall retain all financial and pupil records relating to the enrollment audits under s. PI 48.07, the audit required under ss. PI 48.09 and 48.10, and the report on fiscal and internal control practices under s. PI 48.13 for at least 5 years from the due date of the financial audit, unless the department or a law enforcement agency requests the school retain the records for more than 5 years. PI 48.11(5)(5) Records availability. A school shall furnish all financial and pupil records the auditor considers necessary to provide the audit opinion or agreed upon procedure reports. Upon request by the department, a school shall provide the department access and copies to the records referenced in the auditor’s working papers. PI 48.11(6)(6) School responsibility. An auditor’s failure to completely or properly perform the responsibilities set forth in s. 118.60, Stats., or this chapter is not a defense to any determination the department makes under this chapter or s. 118.60, Stats. PI 48.11(7)(7) Auditor Bar. A school participating in the choice program may not engage an auditor who the department bars under s. PI 35.12 (7), 48.12 (7), or 49.11 (7) until such time as the auditor provides evidence acceptable to the department that the auditor has made procedural changes and has successfully completed professional development training that enables the auditor to comply with the requirements of this chapter, chs. PI 35 and 49, and ss. 115.7915, 118.60, and 119.23, Stats. PI 48.11 HistoryHistory: EmR1608: emerg. cr. eff. 1-30-16; CR 16-006: cr. Register July 2016 No. 727, eff. 8-1-16; correction in (4), (6), (7) made under s. 35.17, Stats., Register July 2016 No. 727; CR 19-121: am. (6) Register May 2020 No. 773, eff. 6-1-20. PI 48.12(1)(1) Independence requirements. An auditor engaged by a school to meet the requirements under this chapter and s. 118.60, Stats., shall comply with the standards of the American Institute of Certified Public Accountants, including all of following: PI 48.12(1)(b)(b) An auditor shall obtain the school’s trial balance required under s. PI 48.11 (2) if the auditor is completing compilation or review services. PI 48.12(1)(c)(c) Except as provided in par. (d), an auditor may not post or prepare for posting typical reoccurring financial transactions to the school’s general ledger, including cash receipts and disbursements, invoices or billings for services, billings from vendors and suppliers, and payroll activity. PI 48.12(1)(d)(d) An auditor shall obtain written approval of the school’s management prior to posting adjusting, correcting, and closing journal entries to the school’s general ledger. An auditor’s working papers shall document evidence of management approval for all such entries resulting from a financial statement compilation, review, or audit. PI 48.12(1)(e)(e) If an auditor assists in the preparation of a school’s budget, the auditor shall do all of the following: PI 48.12(1)(e)2.2. Identify that such assistance was provided, if required by the department. PI 48.12(2)(2) Inquiries. An auditor shall promptly respond to inquiries or requests made by the department. The auditor shall notify the school of any inquiries or requests made by the department and the auditor’s response. PI 48.12(3)(3) Working papers retention. An auditor shall retain working papers relating to the enrollment audits under s. PI 48.07, the audit required under ss. PI 48.09 and 48.10, and the report on fiscal and internal control practices under s. PI 48.13 for at least 5 years from the due date of the financial audit, unless the department or a law enforcement agency requests the auditor to retain working papers for more than 5 years. PI 48.12(4)(4) Working papers review. An auditor shall permit the department to review audit working papers prepared in support of the enrollment audits under s. PI 48.07, the audit required under ss. PI 48.09 and 48.10, and the report on fiscal and internal control practices under s. PI 48.13. The auditor shall promptly provide copies of working papers the department requests. PI 48.12(5)(5) Auditor peer review report. An auditor completing any of the audits and agreed upon procedure reports under s. 118.60, Stats., or this chapter shall file the auditor’s peer review required under s. 442.087, Stats., with the department within 30 days of the report’s issuance. PI 48.12(6)(a)(a) The auditing firm that is engaged by a school to complete the audits and agreed upon procedure reports under this chapter or s. 118.60, Stats., shall be licensed as a certified public accounting firm by the accounting examining board under ch. 442, Stats. PI 48.12(6)(b)(b) The individual auditor who signs the engagement letter for the audits and agreed upon procedure reports under this chapter or s. 118.60, Stats., shall be a licensed certified public accountant by the accounting examining board under ch. 442, Stats.