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What's New
Unemployment Reserve Fund — We provided an unmodified opinion on the Unemployment Reserve Fund's financial statements for FY 2013-14 and FY 2012-13. During FY 2013-14, the Fund's net position increased to $329.4 million. We recommend the Department of Workforce Development continue to work with the Unemployment Insurance Advisory Council and take steps to further improve the net position of the Fund.
If you need help opening a report file, or have questions or comments, please contact us at AskLAB. or call (608) 266-2818.
Health Insurance Risk-Sharing Plan — We completed a final financial audit of the Health Insurance Risk-Sharing Plan (HIRSP) and provided an unmodified opinion on the HIRSP Authority's financial statements for the two-month period ended February 28, 2014. We also reviewed the close out of the financial activity of the HIRSP plans through May 2015. As of May 31, 2015, a cash balance of $1.4 million remained. We recommend that OCI return any required funds to the federal government and work with the HIRSP Advisory Committee to determine the appropriate actions related to the remaining cash balance.
Retirement Funds Investment Activity — We provided unmodified opinions on the financial statements of the Retirement Funds for the year ended December 31, 2014, and for the six-month period from July 1, 2013, through December 31, 2013. The financial statements and our auditor's opinions are published separately in the State of Wisconsin Investment Board's 2014 Retirement Funds Annual Report.
Universal Service Fund — We provided an unmodified opinion on the Universal Service Fund's (USF) financial statements for FY 2013-14 and FY 2012-13, and we reported a material weakness in the Public Service Commission's internal control over financial reporting. The USF is funded by assessments on telecommunications providers that are typically recovered from consumers. In FY 2013-14, the USF provided $39.6 million for 13 programs operated by four state agencies, including all state aid to public library systems.
Legislative Audit Bureau
22 E. Mifflin Street, Suite 500
Madison, WI 53703
Phone: (608) 266-2818
Fax: (608) 267-0410
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About the bureau
The Legislative Audit Bureau is a nonpartisan service agency that conducts financial and program evaluation audits of state agencies.
To learn more about the bureau click here.
About our reports
Our reports typically contain reviews of financial transactions, analyses of agency performance or public policy issues, and recommendations for improvement.
To learn more about our reports click here.
About the Legislative Audit Committee
Reports are submitted to the Joint Legislative Audit Committee, which may arrange public hearings and introduce legislation in response to our recommendations.
To learn more about the Audit Committee click here.