AUDIT SUMMARY

 

We have audited the basic financial statements of Virginia Polytechnic Institute and State University (Virginia Tech) as of and for the year ended June 30, 2025, and issued our report thereon, dated November 17, 2025.  Our report, included in Virginia Tech’s Annual Financial Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at Virginia Tech’s website at www.vt.edu.  Our audit found:

 

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

 

• • two matters involving internal control and its operation requiring management’s attention, that also represent instances of noncompliance with applicable laws and regulations that are required to be reported under Government Auditing Standards; however, we do not consider them to be material weaknesses.

 

We did not perform audit work on the prior audit finding titled “Properly Complete Federal Verification Prior to Disbursing Title IV Aid” as noted in the Findings Summary included in the Appendix because Virginia Tech did not implement corrective action during our audit period.  Corrective action has been ongoing since the 2024 audit.  We will follow up on this finding during the fiscal year 2026 audit.

 

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.