WI SB788

Creates a new Office of Internal Audit attached to the Department of Employee Trust Funds (ETF) to provide independent assurance that public employee trust fund assets are safeguarded

Changes the internal auditor reporting structure from the ETF secretary to the Employee Trust Funds Board, which will appoint the auditor to serve outside the classified service

Assigns the internal auditor position to general senior executive group 1, the same salary classification as the assistant deputy secretary of ETF

Grants the internal auditor authority to review any ETF activity, information, or record; conduct audits, risk assessments, research projects, and management reviews; and monitor compliance with legal requirements and contracts

Preserves reinstatement privileges for any incumbent internal auditor who transitions from classified to unclassified service under the new structure