Norbert Jim Johnson EMAIL

Brian:
State statutes require an AUDIT of the financial statement be presented at the annual meeting s 33.29(2). Jerry told me that the Board have hired Larson Accounting to do something on the 12/31/04 financial statements, it can't be an audit because Mr. Larson is not a CPA licensed by the State of Wisconsin.

I expect that you will comply with the law and have an audit of the 12/31/04 financial statements available at the annual meeting.
Norbert Jim Johnson

Mr. Johnson:
Check the statutes. You are not correct.

The statute you cite contains no requirement that the audit be conducted by a CPA.

This advice concurs with the information in the UW publication entitled “A Guide to Wisconsin’s Lake Management Law” (10th ed., 1996) which states: “The law does not specify further requirements for this audit which may be performed by an accounting firm or by an internal committee.”

The District’s retention of Larson Accounting to perform the audit complies with the statute and the audit can be presented or submitted to the Annual Meeting.