Is a city or village mandated by law to have a yearly audit performed by a certified public accountant?
Municipalities with a population of
25,000 or more must have an annual audit conducted in accordance with
generally accepted auditing standards. Such communities are required by
the Department of Revenue to file annual audited financial reports.
See Wis. Admin. Code, Tax secs. 16.02 and 16.05.
Also, municipalities that have adopted
the alternative system of approving financial claims against the
municipal treasury under Wis. Stat. sec. 66.0609 must adopt an ordinance
which provides in part that the governing body shall require an annual
audit of its financial transactions and accounts by a public accountant.
Wis. Stat. sec. 66.0609(3).
In addition, municipalities may be
compelled to conduct a financial audit under other circumstances. For
example, if a municipality receives a federal or state grant for a
designated program, a program audit may be required as a condition of