AUDIT SUMMARY

 

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

 

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

 

• • one internal control finding requiring management’s attention; however, we do not consider it to be a material weakness;

 

• • no instances of noncompliance or other matters required to be reported under Government Auditing Standards; and

 

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

 

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 no internal control findings requiring management’s attention or instances of noncompliance in relation to this testing.

 

In the section titled “Internal Control Finding and Recommendation” we have included our assessment of the conditions and causes resulting in the internal control finding identified through our audit as well as the recommendation for addressing that 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 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 recommendation.