Applicable Fiscal Year: 2024
Report Category: Internal Control and Compliance
Secretariat: Education
Organizations: University of Virginia, University of Virginia Academic Division, University of Virginia Medical Center
AUDIT SUMMARY
We have audited the basic financial statements of the University of Virginia as of and for the year ended June 30, 2024, and issued our report thereon, dated December 13, 2024. Our report, included in the University’s Financial Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the University’s website at www.virginia.edu. Our audit found:
Our audit also included testing over the major federal program of the Student Financial Assistance Programs Cluster for the Commonwealth’s Single Audit, as described in the U.S. Office of Management and Budget Compliance Supplement, and found one internal control finding requiring management’s attention and an instance of noncompliance in relation to this testing.
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 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 as required by the Department of Accounts in Topic 10205 – Agency Response to APA Audit of the Commonwealth Accounting Policies and Procedures Manual. Those corrective actions may include additional items beyond our recommendations.
The University is one of several entities cited in a risk alert in the Department of Accounts fiscal year 2024 audit report. The “Financial Reporting” risk alert identifies the increased risk that the Commonwealth may not meet the deadline for the Annual Comprehensive Financial Report, which could jeopardize the Commonwealth’s bond rating, because multiple entities have increasingly submitted inaccurate and late financial information to the Department of Accounts over the past several fiscal years. As an entity that is contributing to this increased risk for the Commonwealth, the University’s corrective action to correct the issues in the finding “Improve Governance Structure and Resources Surrounding Financial Reporting Process” is essential to reducing the risk to the Commonwealth.