AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia Military Institute (Institute) as of and for the year ended June 30, 2024, and issued our report thereon, dated May 12, 2025.  Our report, included in the Institute’s basic financial statements, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the Institute’s website at www.vmi.edu.  Our audit found:

 

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

 

• • one internal control finding requiring management’s attention; however, we do not consider it to be a material weakness; and

 

• • one matter involving internal control and its operation necessary to bring to management’s attention that also represents an instance of noncompliance with applicable laws and regulations or other matters that is required to be reported; and

 

• • adequate corrective action with respect to prior audit findings identified as complete 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 recommendation.