AUDIT SUMMARY

 

Our audit of the Department of Accounts (Accounts) for the year ended June 30, 2024, found:

 

• • proper recording and reporting of all transactions, in all material respects, in the Commonwealth’s accounting and reporting system;

 

• • no matters involving internal control and its operations necessary to bring to management’s attention;

 

• • no instances of noncompliance with applicable laws and regulations or other matters that are required to be reported; and

 

• • adequate corrective action with respect to prior audit findings and recommendations identified as complete in the Findings Summary included in the Appendix.

 

Our report includes two risk alerts that require the action and cooperation of management of Accounts and other Commonwealth agencies.  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 entities have increasingly submitted inaccurate and late financial information to the Department of Accounts over the past several fiscal years.  Continued, significant turnover in key financial positions and increasingly complex accounting standards have led to these issues.  The “Access to Audit Log Monitoring Tool” risk alert identifies the risk to Accounts information technology security posture because they do not have adequate access to an audit log monitoring tool and rely on contractors procured by the Virginia Information Technologies Agency to provide this tool.

  

In fiscal year 2023, we included the results of our audit over Accounts in the report titled Agencies of the Secretary of Finance for the year ended June 30, 2023.