AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia Retirement System (System) as of and for the year ended June 30, 2024, and issued our report thereon, dated December 11, 2024.  Our report, included in the System’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the System’s website at www.varetire.org.  Our audit found:

 

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

 

• • one matter involving internal control and its operation necessary to bring to management’s attention that also represents an instance of noncompliance with applicable laws and regulations or other matter required to be reported under Government Auditing Standards; however, we do not consider it to be a material weakness; and,

 

• • adequate corrective action with respect to prior audit findings and recommendations 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 finding identified through our audit as well as recommendations for addressing the finding.  Our assessment does not remove management’s responsibility to perform a thorough assessment of the conditions and causes of the finding and develop and appropriately implement adequate corrective actions to resolve the finding.  Those corrective actions may include additional items beyond our recommendations