State Codes and Statutes

214.76

214.76 Annual audit.

214.76(1)

(1) At least once in each year and not more than 12 months after its last audit, a savings bank shall cause its books, records and accounts to be audited by an independent certified public accountant not connected with the savings bank. The certified public accountant shall conduct the audit to produce a certified financial statement. The division may require additional information to be included in an audit report.

214.76(2)

(2) The certified public accountant shall deliver the audit report to a committee composed of 3 or more members of the board of directors, none of whom may be an officer, employee or agent of the savings bank. The committee shall present the nature, extent and conclusions of the report at the next meeting of the board of directors. A written summary of the committee's presentation, together with a copy of the audit report and a list of all criticisms made by the certified public accountant conducting the audit and any response of any member of the board of directors or any officer of the savings bank, shall be personally served or sent by certified mail to all members of the board of directors.

214.76(3)

(3) A copy of the audit report, including a balance sheet of the savings bank on the date of the audit and a statement of income and expenses of the savings bank during the year ending with the date of the audit and the written summary prepared for the board of directors shall be filed with the division within 60 days after the date on which the savings bank received the audit report. The division may, for good cause shown, extend the filing date for up to 60 additional days.

214.76(4)

(4) The audit report filed with the division shall be certified by the certified public accountant conducting the audit. If a savings bank fails to cause an audit to be made, the division shall order an audit to be made by an independent certified public accountant at the savings bank's expense. Instead of the audit required under sub. (1), the division may accept an audit or portion of an audit made exclusively for a deposit insurance corporation or for a financial regulator of another state if the home office of the savings bank is located in that state.

214.76(5)

(5)

214.76(5)(a)

(a) Annually, no later than February 1, a savings bank shall file with the division a report of its activities of the preceding calendar year, upon forms prescribed by the division. The report shall include all of the following:

214.76(5)(a)1.

1. A verified copy of a statement of condition as of the close of December 31 of the preceding calendar year.

214.76(5)(a)2.

2. A statement of its operations during the preceding calendar year.

214.76(5)(a)3.

3. Any other information that the division requires.

214.76(5)(b)

(b) A savings bank shall include with its annual report a copy of a statement of condition and operations as of the end of the savings bank's most recent fiscal year, which shall be available to the public. The statement shall contain such information as the division requires.

214.76 - ANNOT.

History: 1991 a. 221, 315; 1995 a. 27, 325; 2001 a. 16.

214.76 - ANNOT.

Cross Reference: See also ch. DFI-SB 4, Wis. adm. code.