Wis. Admin. Code Department of Revenue Tax 16.06

Current through October 28, 2024

Section Tax 16.06 - Compliance

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

Wis. Admin. Code Department of Revenue Tax 16.06

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

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

Madison, WI 53708-8971

Telephone (608) 264-6892

Note 2) Generally accepted accounting principles and generally accepted auditing standards may be examined at the office of the administrator, division of state/local finance, 2nd floor, 125 South Webster Street, Madison. Generally accepted accounting principles may be obtained from:

Governmental Accounting Standards Board

High Ridge Park

P.O. Box 3821

Stamford, CT 06905-0821

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.