Skip NavigationWisconsin Legislative Audit Bureau - Home page
 
Listen to the Joint Legislative Audit Committee Hearing Listen to the Joint Legislative Audit Committee Hearing (Archive)
Subscribe to our RSS feeds

Subscribe to our RSS feeds. Subscribe to our RSS feeds to get our latest reports delivered directly to your desktop. Click here for more info.

Subscribe to our podcasts

Subscribe to our podcasts Get our latest audio highlights delivered to your desktop — ready to load on your portable MP3 player. Click here for more info.

What's New
State of Wisconsin FY 2014-15 Single Audit — In FY 2014-15, state agencies administered $12.0 billion in federal financial assistance. Although state agencies generally complied with federal requirements, we qualified our opinion on compliance with federal requirements for 1 of the 24 programs we reviewed and questioned nearly $2.0 million in costs charged to federal programs.
If you need help opening a report file, or have questions or comments, please contact us at AskLAB. or call (608) 266-2818.
Injured Patients and Families Compensation Fund — We provided an unmodified opinion on the Fund's financial statements as of and for the fiscal years ended June 30, 2015, June 30, 2014, and June 30, 2013. The Fund's net position increased significantly during our audit period from $445.0 million as of July 1, 2012, to $733.9 million as of June 30, 2015, because of reductions in the actuarial estimates for loss liabilities and improvements in the investment markets. We recommend OCI continue to work with the Fund's Board of Governors to monitor the net position of the Fund and develop a plan to bring the net position within the target range established by the Board of Governors. We further recommend OCI comply with the Board of Governors policy to have an actuarial audit completed every three years.
University of Wisconsin System — We provided an unmodified audit opinion on UW System's FY 2014-15 and FY 2013-14 financial statements. As of June 30, 2015, UW System's net position, which provides a measure of its overall financial condition, was $6.7 billion. We recommend UW System Administration review institution reserves policies and improve its oversight and administration of investments. We also recommend UW System Administration assist UW institutions in implementing changes to IT controls and develop a UW System-wide IT security program. Because UW System's financial activity is included in the State of Wisconsin's Comprehensive Annual Financial Report, we also include this recommendation in report 16-2.
State of Wisconsin FY 2014-15 Financial Statements — We provided unmodified audit opinions on the State of Wisconsin's FY 2014-15 financial statements. These statements are included in the State's Comprehensive Annual Financial Report, which is prepared by the Department of Administration (DOA). We recommend DOA improve its IT policies and standards; the settings used to enforce its policies; and its oversight and monitoring of agency IT operations. We recommend the University of Wisconsin (UW) System Administration assist UW institutions in implementing changes to IT controls and develop a UW System-wide IT security program.
Department of Employee Trust Funds — We provided unmodified opinions on the financial statements of the Department of Employee Trust Funds (ETF) for 2014. ETF's financial statements present 14 separate funds used to account for the financial position and activity of the various benefit programs available to state and local public employees. These programs include the Wisconsin Retirement System and health and life insurance programs for active and retired employees of the State and participating local governments. Our independent auditor's report on the financial statements is included in the ETF's 2014 Comprehensive Annual Financial Report, which can be found on its website.
Legislative Audit Bureau
22 E. Mifflin Street, Suite 500
Madison, WI 53703
Phone: (608) 266-2818
Fax: (608) 267-0410
Send questions or comments to AskLAB.
Download Adobe Acrobat Reader® for free Download Adobe Acrobat Reader® for free
About the bureau
The Legislative Audit Bureau is a nonpartisan service agency that conducts financial and performance 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.