AUDIT SUMMARY

  

We audited the major federal program of the Student Financial Assistance Programs Cluster, administered by the following public higher education institutions in the Commonwealth of Virginia:

 

• • George Mason University (GMU)
  • James Madison University (JMU)
  • Norfolk State University (NSU)
  • Northern Virginia Community College (NVCC)
  • Old Dominion University (ODU)
  • Radford University (RU)
  • University of Virginia (UVA)
  • Virginia Commonwealth University (VCU)
  • Virginia State University (VSU)
  • Virginia Tech (VT)                                  

 

Our audit for the fiscal year ended June 30, 2024, found:

 

• • proper recording and reporting of all transactions, in all material respects, in each institution’s accounting and reporting system and applicable federal student financial assistance system, and attachments submitted to the Department of Accounts (Accounts);

 

• • matters involving internal control and its operation necessary to bring to the attention of management of each institution that also represent instances of noncompliance with applicable laws and regulations or other matters that are required to be reported; 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 identified thirteen recommendations for the ten higher education institutions included in as part of our review.  The chart below summarizes the number of findings for each institution:

 

Findings by Institution

 

 

 

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 the responsibility from management at each institution 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 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.