1. (1) Compliance with provisions of this chapter will release the unit of local government from any obligation to file the current financial report form authorized under s. 73.10 (2) (a), Stats. Reports prescribed by this chapter should be prepared from accounting records maintained by the local government and should relate directly to those records.
2. (2) The department shall review schedules and financial reports filed pursuant to this chapter to determine compliance with standards and procedures prescribed by this chapter.
3. (3) The department may inspect and examine or cause an inspection and examination of the records of local government filing schedules or financial reports under this chapter.

4. (4) The department may review the auditor’s work-
   papers prepared during audits conducted pursuant to this chapter to determine compliance.

   Note 1) Copies of the draft schedules required by s. Tax 16.04 (1) may be obtained from:

   Wisconsin Department of Revenue
   Division of State/Local Finance
   P.O. Box 8971 – MS 6-97
   Madison, WI 53708-8971

   Note 2) Generally accepted accounting principles may be obtained from:

   Governmental Accounting Standards Board
   801 Main Avenue
   P.O. Box 5116
   Norwalk, CT 06856-5116

   Generally accepted auditing standards may be obtained from:

   American Institute of Certified Public Accountants
   1211 Avenue of the Americas
   New York, NY 10036

   Note 3) The financial report referenced in s. Tax 16.05 represents the audited financial statements of local government units commonly referred to as an audit report or a comprehensive annual financial report and may include other statements, schedules and statistical information presented at the discretion of the local governmental unit.

History

History: Cr. Register, February, 1985, No. 350, eff. 3-1-85.