Wisconsin Administrative Code
Department of Public Instruction
Chapter PI 49 - Special Needs Scholarship Program
Section PI 49.10 - School financial requirements
Current through February 26, 2024
(1) ENGAGEMENT LETTER. A school shall have a written engagement letter with each auditor providing services required by this chapter. The school or auditor shall provide a copy of the engagement letter to the department upon request. The written engagement letter shall contain all of the following:
(2) FINANCIAL ACCOUNTING SYSTEM. A school shall use a double entry financial accounting system organized in a manner that enables preparation of the financial audit and financial audit supplemental schedule. A school shall balance the financial accounting system and provide the auditor with a trial balance of the account balances.
(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.
(4) RECORDS RETENTION. A school shall retain all financial and pupil records relating to the enrollment audits under s. PI 49.07 and the audit required under ss. PI 49.08 and PI 49.09 for at least 5 years from the due date of the financial audit for each school year, unless the department or a law enforcement agency requests that the school retain the records for more than 5 years.
(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.
(6) SCHOOL RESPONSIBILITY. An auditor's failure to completely or properly perform the responsibilities set forth in s. 115.7915, Stats., or this chapter is not a defense to any determination the department makes under this chapter or s. 115.7915, Stats.
(7) AUDITOR BAR. A school participating in the special needs scholarship program may not engage an auditor who the department bars under s. PI 35.12(7), PI 48.12(7), or PI 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 48, and ss. 115.7915, 118.60, and 119.23, Stats.