Virginia Economic Development Partnership for the year ended June 30, 2025

Applicable Fiscal Year:

2025

Report Category:

Internal Control and Compliance

Secretariat:

Commerce and Trade

Organization:

Virginia Economic Development Partnership

Summary

Our audit of the Virginia Economic Development Partnership (Partnership) for the fiscal year ended June 30, 2025, found:

 

• • proper recording and reporting of all transactions, in all material respects, in the Partnership’s financial system, except for cash balances as noted in the finding “Improve Internal Controls Over Bank Reconciliations”;

 

• • three matters involving internal control and its operation necessary to bring to management’s attention; two of which also represent instances of noncompliance with applicable laws and regulations or other matters that are required to be reported; and

 

• • corrective action with respect to prior audit findings remains ongoing as identified 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 findings identified through our audits 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.