SUMMARY

We provided an unmodified audit opinion on the University of Wisconsin System’s FY 2012-13 and FY 2011-12 financial statements. UW System’s unrestricted net position, which represents amounts available for future spending, increased to $1.1 billion as of June 30, 2013, largely due to growth in unspent balances from student tuition and fees. We again report a material weakness in internal control over Human Resource System (HRS) security, which is also reported in our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters related to our audit of the State of Wisconsin’s financial statements. Our audit opinion is included in UW System’s 2013 Annual Financial Report.