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
(a) A statement that the
auditor shall comply with generally accepted auditing standards and the
requirements of this chapter.
statement that the auditor shall comply with generally accepted governmental
auditing standards if other governmental agencies providing funds to the school
responsibilities of the school and the auditor in meeting the requirements of
(d) The services the
auditor provides to the school that are in addition to those audit and
attestation services required under this chapter.
(e) The auditor's acknowledgement that the
department will rely on the auditor's work to fulfill the department's
responsibilities under s. 119.23, Stats., and this chapter.
(f) The auditor's compensation for the
services the auditor provides to the school.
FINANCIAL ACCOUNTING SYSTEM. A school
shall balance the financial accounting system required under s. PI 35.13(1)
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
RECORDS RETENTION. A
school shall retain all financial and pupil records relating to the enrollment
audits under s. PI 35.07
, the audit required under ss. PI 35.09
and 35.10, and
the report on fiscal and internal control practices under s. PI 35.13
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.
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
(6) SCHOOL RESPONSIBILITY.
An auditor's failure to completely or properly perform the responsibilities set
forth in s. 119.23, Stats., or this chapter is not a defense to any
determination the department makes under this chapter or s. 119.23,
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 48
and 49, and ss. 115.7915
, and 119.23