AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia College Savings Plan (Virginia529) as of and for the year ended June 30, 2024, and issued our report thereon, dated November 14, 2024.  Our report, included in Virginia529’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at Virginia529’s website at www.virginia529.com.  Our audit found:

 

·       the financial statements are presented fairly, in all material respects; and

 

·     two internal control findings requiring management’s attention; that also represent instances of noncompliance or other matters required to be reported under Government Auditing Standards; however, we do not consider them to be material weaknesses.

 

·       adequate corrective action with respect to a prior audit finding identified as complete in the Findings Summary included in the Appendix.

 

In the section titled “Internal Control and Compliance Findings and Recommendations” we have included our assessment of the conditions and causes resulting in the internal control and compliance findings identified through our audits as well as recommendations for addressing those findings.  Our assessment does not remove management’s responsibility to perform a thorough assessment of the conditions and causes of the findings and developing and appropriately implementing adequate corrective actions to resolve the findings.  Those corrective actions may include additional items beyond our recommendations.