AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia Community College System (System) as of and for the year ended June 30, 2023, and issued our report thereon, dated May 29, 2025.  Our report, included in the System’s basic financial statements, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the System’s website at www.vccs.edu.  Our audit of the System found:

 

• • the financial statements are presented fairly, in all material respects;
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  • two deficiencies related to financial reporting that we consider to be material weaknesses in internal control;
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  • additional internal control findings requiring management’s attention; however, we do not consider them to be material weaknesses;  
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  •  instances of noncompliance or other matters required to be reported under Government Auditing Standards; and 
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  • adequate corrective action with respect to prior audit findings identified as complete in the Status of Prior Findings included in the Appendices. 

Our audit also included, in support of reaffirmation of accreditation, testing over the Student Financial Assistance federal program as described in the U.S. Office of Management and Budget Compliance Supplement; and found internal control findings requiring management’s attention and instances of noncompliance at the following colleges:

 

• • Blue Ridge Community College;
  • Paul D. Camp Community College;
  • Eastern Shore Community College; and
  • Rappahannock Community College.

 

Beginning with fiscal year 2023, we updated our audit of the System’s financial statements to be more reflective of risk and coverage over material financial statement line items and related amounts disclosed in the notes to the financial statements.  To that end, we have instituted an additional area of review using an Internal Control Questionnaire (ICQ) process for System colleges with less risk and financial activity.  Additionally, prior findings for colleges subject to the ICQ process, except those related to student financial aid, are not included in the Status of Prior Findings as we will conduct follow-up procedures on those findings as part of the ICQ process and will issue a separate report. 

 

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.