Section 215.25. Annual audit requirement.

 

(1)  Except as provided in sub. (2) , the board of directors of an association shall hire a certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts, and affairs of the association.

(2)  The board of directors of an association may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the association and to verify customer accounts. Verification procedures shall be conducted according to the association's auditing program or the rules of the division.

(3)  Audit reports under this section shall be submitted to the association's board of directors and retained as records of the association.

1973 c. 205 ; 1983 a. 167 ; 1995 a. 27 ; 2011 a. 182 .