214.76 Annual audit requirement.
(1) Except as provided in sub. (2), the board of directors of a savings bank 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 savings bank.
(2) The board of directors of a savings bank may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the savings bank and to verify customer accounts. Verification procedures shall be conducted according to the savings bank's auditing program or the rules of the division.
(3) Audit reports under this section shall be submitted to the savings bank's board of directors and retained as records of the savings bank.
History: 1991 a. 221, 315; 1995 a. 27, 325; 2001 a. 16; 2011 a. 182.
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