Section Game 4.13 - Financial auditAudits shall be completed by the association and delivered to the division.
(1) Each association shall have an annual audit performed at the close of the calendar year. This audit is to be performed in accordance with generally accepted accounting principles by an independent certified public accountant registered by the state of Wisconsin. The resulting audit report is to be prepared in accordance with the American Institute of Certified Public Accountants (AICPA) industry audit guide. The report shall also contain the auditor's opinion regarding the financial statements taken as a whole, or an assertion to the effect that an opinion cannot be expressed. If the auditor expresses a qualified opinion, a disclaimer of opinion, or an adverse opinion, the reason therefore shall be stated.(2) The latest audit report shall be filed with the division within 120 days of the end of the calendar year.(3) A request for an extension of time to file an audit report shall be submitted in writing 7 days prior to the deadline for filing the audit report.(4) A request for an extension of time to file an audit report shall only be granted when the auditor submits a signed statement verifying that the audit cannot be completed in the designated time due to circumstances beyond the control of the auditor and the association. The auditor's statement shall also detail the circumstances that form the basis for the request.Wis. Admin. Code Department of Administration [Gaming] Game 4.13
CR 03-070: cr. Register November 2003 No. 575, eff. 12-1-03.