AUDIT SUMMARY

We have audited the basic financial statements of Old Dominion University (University) as of and for the year ended June 30, 2023, and issued our report thereon, dated October 30, 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.odu.edu.  Our audit found:

 

• • the financial statements are presented fairly, in all material respects;
•  
  • deficiencies in internal control and its operation necessary to bring to management’s attention including one we consider to be a material weakness;
•  
  • two 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.

 

We did not perform audit work on the prior audit findings titled “Improve Compliance over Enrollment Reporting,” “Promptly Return Unearned Title IV Funds to Department of Education,” and “Promptly Return Unclaimed Aid to the Department of Education” because the University did not complete corrective action during our audit period.  Corrective action has been ongoing since the fiscal year 2021 audit.  We will follow up on these findings during the fiscal year 2024 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 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.