Reports


Virginia Biotechnology Research Partnership Authority for the year ended June 30, 2023

Applicable Fiscal Year: 2023

Report Category: Internal Control and Compliance

Organization: Virginia Biotechnology Research Partnership Authority

Summary

AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia Biotechnology Research Partnership Authority (Authority) as of and for the year ended June 30, 2023, and issued our report thereon, dated October 15, 2024.  Our report, included in the Authority’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov.  Our audit found:

 

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

 

·      two deficiencies related to determining the fair value of investments and the accrual of accounts payable that we consider to be material weaknesses in internal control;

 

·      two additional internal control findings requiring management’s attention; however, we do not consider them to be material weaknesses; and

 

·     no instances of noncompliance or other matters required to be reported under Government Auditing Standards.

 

In the section titled “Internal Control Findings and Recommendations,” we have included our assessment of the conditions and causes resulting in the internal control findings identified through our audit 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 develop and appropriately implement adequate corrective actions to resolve the findings.  Those corrective actions may include additional items beyond our recommendations.